Add olive oil to pressure cooker and select the sauté function. Set to high and once the display reads “hot,” add red onion, peppers, garlic powder, and Italian seasoning. Season with salt and black pepper, to taste, and cook, stirring continually, until the onions and pepper soften and develop a bit of color, approximately 4-5 minutes.
Transfer that vegetable mixture to a medium bowl. Add ground beef to pot and brown for 3-4 minutes, or until no longer pink, stirring occasionally. Turn the unit off and carefully drain any excess fat from the container.
Pour the sautéed vegetables on top of the browned beef. Add broth, crushed tomatoes, and brown rice. Stir all to combine and season with salt and black pepper, as desired.
Add the lid and set the pressure valve to “sealing.” Select the “manual” cooking option on the high setting and set cook time to 20 minutes. When done cooking, allow the pressure to release naturally for 10 minutes, and then do a quick release for any remaining pressure.