Add olive oil to Instant Pot® and select the Sauté function. Set to high and once the display reads “hot,” add red onion, peppers, garlic powder, and Italian seasoning. Season with salt and black pepper, to taste, and cook, stirring continually, until the onions and pepper soften and develop a bit of color, approximately 4-5 minutes.

Transfer veggie mixture to a medium bowl. Add ground beef and brown for 3-4 minutes, or until no longer pink, stirring occasionally. Turn the vessel off and carefully drain any excess fat from the container.

Pour sautéed veggies on top of the browned beef. Add broth, crushed tomatoes, and rice. Stir to combine and season with salt and black pepper, as desired.

Add the lid and set the pressure valve to “seal.” Select the “Manual” or "Pressure Cook" option and set cook time to 20 minutes. When done cooking, allow the pressure to release naturally for 10 minutes, and then do a quick release for any remaining pressure.

To serve, transfer soup to individual bowls and garnish with fresh chopped parsley, if desired.