Place Instant Pot on "Sautè" and heat olive oil.
Sautè onion and garlic until softened, about 2-3 minutes.
Add ground beef or turkey to the onion/garlic mix and cook until browned, breaking into smaller pieces with spatula. Season with salt and pepper. Add Italian seasoning.
Add rice, broth, tomato sauce and diced tomatoes to the meat mix.
Add chopped bell peppers.
Turn "sautè" function off.
Place on High Pressure cooking for 5 minutes.
Do a Natural Pressure Release, it'll take about 10 minutes.
Garnish and serve to enjoy the meal.