Turn Instant Pot to “Saute”mode and heat oil.
Add ground beef, onions, garlic and cook until meat is no longer pink.
Turn off instant pot and drain meat.
Add the meat back in the pressure cooker.
Add green peppers, corn, pinto beans, Rotel tomatoes, diced tomatoes, ranch seasoning, taco seasoning, beef broth, salt, pepper, onion powder and mix until combined.
Put the lid on and turn the the valve to “Sealing.” Select “Manual” mode and set the timer for 6 minutes.
When the cook time is over, let the pot sit undisturbed for 5 minutes. Then, turn the valve to "Quick Release" and allow pressure to release.
Remove lid and gently mix everything together.
Serve soup in bowls with toppings of your choice (shredded cheese, avocado slices, guacamole, sour cream, lettuce e.t.c.). Enjoy!