Set Instant Pot to Saute Less for 7 minutes.
Add a dab of butter or margarine to the pot, followed by the ground beef.
Crumble the ground beef well as it cooks.
When the Instant Pot turns off, the ground beef will still be slightly pink.
Add the water to the pot and scrape the bottom well to make sure nothing is sticking.
Add the salt, pepper, onion powder, garlic powder and taco seasoning to the pot. Do not stir.
Add the rice to the pot.
Gently push the rice around so that it is all submerged in the liquid but do not stir.
Place the lid on the Instant Pot, turn the steam release handle to the sealing position and set the Instant Pot to Pressure Cook High for 6 minutes.
When the Instant Pot is done cooking, immediately turn the steam release handle to the venting position and do a quick release.
Remove the lid and stir the contents well.
Add the chili sauce and salsa to the pot.
Stir well and then set the Instant Pot to Saute Less for 3 minutes.
When the Instant Pot turns off, add the shredded cheese and stir well.
Serve and enjoy!