Turn instant pot on to saute function and add olive oil to the bottom of the pan
Add ground beef, onions, and red pepper, and saute and brown the ground beef. This should take 5-7 minutes.
Once browned, add all sauce ingredients. Stir well.
Put lid on, and lock into place.
Set valve to sealing.
Set pressure to Manual/pressure cook, 5 minutes.
After the 5 minutes, let pressure naturally release for 10 minutes.
Then quick release pressure.
Stir pot, and if sauce needs to reduce, turn on to saute, and cook until desired thickness is reached.