Turn the Instant Pot to SAUTE mode and add the oil.
Once hot and shimmering, add the beef, onion, and salt and cook until; the beef is nicely browned and no longer pink, about 7-9 minutes.
Add the Worcestershire sauce, peppers, black beans, corn, chili powder, cumin, taco and garlic powder. Stir to combine.
Add the water and using a wooden spoon scrape any bits that stuck to the bottom of the pot. Make sure to get every bit to avoid a burn warning.
Pour in the diced tomatoes and salsa. Do NOT stir.
Rinse the rice and drain. Add it on top and do NOT stir, but using a wooden spoon gently distribute it in an even layer, press it slightly to submerge it under the liquid.
Cover and seal the Instant Pot.
Cook on high pressure for 20 minutes. Allow the pressure to release naturally for 20 minutes, and then quick release any remaining pressure.
Remove the lid and stir for the rice to absorb any remaining liquid. Taste and adjust for any seasonings.
Stir in ½ cup of the shredded cheese, then sprinkle the remaining cheese on top. Cover with the lid for the cheese to melt from the remaining heat.
Serve with any desired toppings.