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Turn Instant Pot to "saute" mode. When hot, add the butter or oil and coat the bottom. Add the ground beef and cook and crumble it until no pink remains. Turn Instant Pot off.
While ground beef cooks, mix together the chicken broth, tomato sauce, tomato paste, milk, heavy cream, salt, pepper, garlic powder, and onion powder in a medium bowl.
Pour chicken broth mixture into the Instant Pot and add the corn. Stir to mix and be sure there is nothing stuck to the bottom of the Instant Pot.
Add rice. Do NOT stir. Use a spoon to make sure all the rice is submerged in the liquid.
Cover and set to "Pressure Cook" for 8 minutes. Be sure valve is in sealing position.
Do a quick pressure release and then remove the lid. Add cheese, stir it in. Replace the lid for a few minutes to melt the cheese.
Check for seasoning and add more salt if desired.