Chop your onion and add it to your Instant Pot along with the olive oil. Press the sauté button and cook for about 3 minutes, then add the ground beef and continue cooking for another 3-4 minutes or so, stirring occasionally.
Add the remaining ingredients to your Instant Pot and give it a stir. Rinse the rice (put it in a sieve and run it under the tap) prior to adding it to your Instant Pot. Important note: The soup in the photos is quite thick and hearty. If you prefer it to be less thick, use 1/2 cup of rice. The soup gets pretty close to the fill line of my 6-qt. Instant Pot, so be sure not to go over.
Close the lid and set the valve on 'sealing'. Cook on high pressure for 10 minutes. It will take at least 10-15 minutes for the Instant Pot to get up to pressure. Once the countdown is over, do a quick release of the pressure.
Season soup with salt & pepper as needed.