Turn on the Instant Pot using the saute function. When the liner is hot, add the ground beef, garlic powder, onion powder, paprika, salt, and pepper. Break the ground beef into small pieces, and cook until it’s no longer pink inside.

Pour the beef broth into the pot, and scrape any bits that may be stuck to the bottom off the liner. Turn off the Instant Pot.

Add the bell peppers, rice, tomato sauce, and diced tomatoes. Stir to combine. Close the lid, set the valve to sealing, and press the manual (pressure cook) button. Adjust the time to 10 minutes. When the time is up, allow a 5 minute natural release before opening the valve to release any remaining pressure. Carefully open the lid, stir the soup, and serve.