Turn the Instant Pot to the sauté. Brown the ground beef in the Instant Pot on the sauté setting until brown. Drain off the excess grease.
Add all the other ingredients to the Instant Pot except for the cheddar cheese and red onion. Stir until all the ingredients are well combined.
Seal and cook on high pressure for 10 minutes with a quick release.
Serve topped with the shredded cheese and red onion. Enjoy!
Notes
Variation Ideas
Change Meat. Substitute ground turkey for ground beef. Turkey takes on the flavor of the other ingredients. If you prefer tender chunks of beef use a chuck roast or stew meat.
Beans. Try using pinto beans instead of kidney beans or mix them together.
Veggies. Instead of red bell peppers, try using green or yellow. You can also mix of all 3 and it would be yummy and look pretty too.
Tomatoes. Add tomato sauce with the diced tomatoes. You can also add a can of cream of mushroom with the tomato sauce.