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Set Instant Pot to SAUTE, add ground beef and brown, about 5 minutes. Transfer with a slotted spoon to a paper towel lined plate. Drain fat.
Add olive oil to pot. One hot, add onion and saute until softened, about 3 minutes. Add red pepper, garlic, chili powder, cumin, oregano, salt, pepper and cayenne. Saute 1 minute longer.
Add broth and scrape browned bits from bottom of pot. Return ground beef to pot along with beans, tomatoes and macaroni. Stir, making sure that all pasta is covered with liquid.
Cover and seal the lid - turn the vent to sealing. Hit CANCEL then press the MANUAL (high pressure) button and set the timer to 4 minutes. It will take about 15 minutes for Instant Pot to come to full pressure, then the display will show a countdown timer.
When finished, quick-release the pressure before removing the lid. Stir in cheese and season with additional salt and pepper, to taste.
Serve garnished with cilantro and sour cream. Enjoy!