Set Instant Pot to Saute and cook the ground beef. Drain any grease then add onions and garlic and cook until onions are softened.
To avoid the burn notice make sure you Deglaze the Instant Pot after cooking ground beef by adding a little of the beef broth and scraping the bottom with a spatula to remove any brown bits that are stuck. Deglazing also adds to the overall flavor of the soup.
Add the tomato paste to the beef broth and mix well. (Optional step but it helps to better distribute the flavors.)
Add diced tomatoes, red kidney beans, diced peppers, salt, pepper and Italian seasoning to the instant pot insert.
Rinse rice under cold running water until water runs clear and then add the rice to the Instant Pot.
Add the beef broth tomato paste mixture and stir to mix well.
Place the lid on the Instant Pot and lock in place. Set the steam release knob to the sealing position. Cancel the Sauté function and cook on Manual high pressure for 10 minutes.
After 10 minute cooking cycle ends let is sit for 5 minute natural release.
After the 5 minutes is up, turn the steam release knob to the Venting position and Quick Release any remaining steam in the pot.
After the pin drops unplug the pressure cooker and carefully open the lid away from you and stir the soup.
Serve in bowls and garnish with grated Parmesan cheese.