Turn on a multi-functional pressure cooker (such as Instant Pot) and select the Sauté function. Heat oil in Pot. Add beef, onion, chili powder, salt, and cumin (see Cook’s Note); cook and stir, breaking up beef until crumbled and browned, about 5 minutes. Stir in water, salsa, and rice.

Close and lock the lid. Select high pressure according to manufacturer’s instructions; set timer for 8 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure carefully using the quick-release method according to manufacturer’s instructions, about 5 minutes. Unlock and remove lid.

Add black beans, corn, and cilantro; stir to combine. Select the Sauté function; cook, stirring occasionally, until beans and corn are heated through, about 3 minutes. Transfer to a serving dish; top with Cheddar cheese.