Press the saute feature and once hot, add the beef, onion, and garlic. Cook until beef no longer pink. Drain excess fat if needed.
Add the cumin, chili powder, oregano, and onion powder. Stir to combine.
Add the diced green chilis. Stir to combine.
Press Cancel to turn the saute setting.
Pour the beef broth in and scrape the bottom of the pot so that no bits are stuck to the bottom. If you don't do this, you may trigger the burn signal.
Add the peppers, beans, and pasta into the pot. Do not stir.
Add the diced tomatoes and tomato paste in. Do not stir. Yes, the tomato paste sits on top of it all to ensure you don't get the burn signal.
Secure the lid, set the pot to sealing.
Set the Instant Pot to 4 minutes, high pressure.
When the pressure cycle is complete, carefully release the pressure. Depending on the pasta you use, you may have foam spurt a bit. Open and close the valve multiple times in quick bursts to avoid spurting.
Press cancel, and stir in shredded cheese. Place the lid back on until cheese is melted. This will also give the chili mac time to "tighten". As the contents of the pot cool, it will tighten up and be less liquidy.