Set instant pot to saute and cook the ground beef along with the garlic powder, Italian seasoning, onion powder, salt and pepper, and red pepper flakes until no longer pink.
Turn the Instant Pot off.
Add the beef broth to the pot and stir, scraping any browned bits of meat from the bottom of the pot.
Add the diced peppers, tomato sauce, and rice to the pot and stir.
Place the lid on the Instant Pot and set the valve to sealing.
Cook on manual high pressure for 10 minutes.
Once the 10 minutes is up, allow the soup to sit in the pot for 5 minutes, then, you can open the valve to do a quick release.
Serve soup immediately.