Turn your instant pot on the Saute setting and add the oil. Chop the hot dogs into bite-sized pieces and mince the onion. Add them to the Instant Pot and saute until the onion is soft and translucent, about 5 minutes.
While the hot dogs and onions cook, mix together the chili powder, cocoa powder, cumin, cinnamon, oregano, allspice, and cloves in a small bowl and set aside.
When the onions are cooked, add the garlic and saute for about a minute, then pour in the spices and toss to coat and toast the spices for a minute more. Pour in the broth and tomato sauce and bring to a boil, then crumble in the uncooked ground beef. Stir to break up the clumps of beef.
Put the lid on the Instant Pot and set it for the soup setting (or, if using a different pressure cooker, set for 30 minutes on high). When the timer goes off, use a manual release, and remove the lid once it's safe to do so.
Set the pot for Saute again, then stir in the cheddar cheese until it's melted. Taste and add salt and pepper as needed. Garnish with shredded cheddar, chopped onion, and a bit of mustard before serving.
Macros per serving, not counting garnishes: 446 calories, 8 grams net carbs, 24 grams protein, 34 grams fat.