Turn Instant Pot to sauté. Add ground beef, salt, pepper, garlic powder, onion powder and Italian seasoning. Brown for 5 minutes. Drain excess grease. Clean out your Instant Pot.
Add beef, onions, tomatoes, bell peppers, salt, and pepper. Cover with foil. Set the pan on top of a trivet/sling. Dump water into Instant Pot. Lower the pan in.