OPTION 1: In a large saucepan, brown and drain the ground beef. Drain and add the browned ground beef to the pressure cooker insert.
OPTION 2: Use the saute function on the Instant Pot and brown the ground beef in the insert.
OPTION 3: Pull pre-browned ground beef from the freezer and add frozen to the insert.
Add the black beans, corn, diced tomatoes, and chicken broth into the electric pressure cooker insert.
Stir in the chili powder, ground cumin, garlic powder, onion powder and hot water in with the other ingredients.
Steam valve: Sealing.
Cook on: Manual/High for 15 minutes.
Release: Natural or Quick.
Prepare fresh veggies.
Serve Instant Pot Taco Soup, with crushed tortilla chips and cheese as garnish, with a side of veggies.