Set the Instant Pot to Sauté and add 1/2 tablespoon extra virgin olive oil; heat briefly until shimmering.
Add the minced onion and diced bell pepper and sauté 2–3 minutes until beginning to soften, then add the minced garlic and cook 30 seconds more.
Press Cancel to turn off Sauté. Pour in 2 cups broth and 3 cups water, scraping any browned bits from the bottom of the pot.
Stir in the rinsed dried beans, then evenly spread the rinsed brown rice on top; do not stir the rice into the liquid.
Secure the lid and set the valve to Sealing. Cook on High Pressure (Manual/Pressure Cook) for 25 minutes.
When cooking completes, allow the pressure to release naturally for at least 15 minutes, then carefully quick-release any remaining pressure and open the lid.
Stir in 1 cup salsa and 1 tablespoon taco seasoning, fluffing the rice and beans with a fork; replace the lid briefly to let everything warm through for a few minutes if needed.
Serve hot with optional cheese, sour cream, and cilantro.