Season and Brown the Beef: Begin by seasoning the ground beef with salt and pepper. In your Instant Pot, set to the sauté function, add 1 teaspoon of olive oil. Add the seasoned beef and cook until browned, breaking it apart as it cooks.

Add Spices: Once the beef is browned, stir in the cumin and paprika, mixing well so the spices are evenly distributed.

Sauté the Vegetables: Add the diced onion, red bell pepper, and green bell pepper to the pot with the beef. Sauté everything together for about 3-4 minutes, or until the vegetables start to soften.

Add Remaining Ingredients: Add the diced potato, red beans, corn kernels, tomato paste, and beef broth to the pot. Give it a good stir to combine all the ingredients.

Cook: Seal the Instant Pot lid and cook on high pressure for 10 minutes. Once done, allow the pressure to release naturally for about 5 minutes, then carefully release any remaining pressure manually.

Serve: Once the soup is done, give it a final stir. Serve hot and enjoy this hearty, flavorful Cowboy Soup!