1 tablespoon olive oil
1 pound lean ground beef
1 cup diced red onion
1 teaspoon chili powder
½ teaspoon salt
½ teaspoon ground cumin
2 cups water
2 cups chunky salsa
1 cup long-grain white rice, rinsed
1 (15 ounce) can black beans, drained and rinsed
1 cup cooked corn kernels
2 tablespoons chopped fresh cilantro
1 cup shredded Cheddar cheese
Turn on a multi-functional pressure cooker (such as Instant Pot) and select the Sauté function. Heat oil in pot. Add beef, onion, chili powder, salt, and cumin (see Cook's Note); cook and stir, breaking up beef until crumbled and browned, about 5 minutes. Stir in water, salsa, and rice.
Close and lock the lid. Select High pressure according to manufacturer's instructions; set timer for 8 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid.
Add black beans, corn, and cilantro; stir to combine. Select the Sauté function; cook, stirring occasionally, until beans and corn are heated through, about 3 minutes. Transfer to a serving dish; top with Cheddar cheese.
If you prefer, you can use a Monterey Jack and Cheddar cheese blend or a 4-cheese Mexican blend.