Turn your Instant Pot on to the sauté function. When hot, add Ground Beef. Break it up with a wooden spoon, browning it as you go. Once browned, drain off any grease, and add the olive oil, onion, green pepper, and garlic.
Sauté for 3 to 4 minutes until fragrant.
Add the one cup of beef broth and stir to deglaze, scraping any brown bits off the bottom so you don’t get a “burn” notice while cooking.
Add the water, and all of the sauce ingredients. Stir well.
Pour elbow macaroni in, and use a wooden spoon to press it down so it is completely submerged under the liquid.
Put the lid on, locking it into place, and set the valve to sealing position.
Turn on manual, high pressure, and cook for 1 minute. It should take about 10-15 minutes to come to pressure. Once it is done cooking, do not let it go to warm, instead flip the valve to "venting" to quick release the pressure.
After all the pressure is released and the pin drops, unlock the lid, and carefully remove lid.
Stir everything up, and turn off pot. Stir in cheese, and sweet corn.