Turn the Instant Pot to SAUTÉ (HIGH). Add 2 T olive oil and let it heat until shimmering.

Add 2 lbs. lean ground beef to the hot oil. Cook, breaking the meat into small pieces with a spatula, wooden spoon, or meat chopper, until well browned and no pink remains, about 8–10 minutes.

Add 6 T Cholula Hot Sauce (see notes), 1 1/4 T ground cumin, 1 1/4 T garlic powder, 1 1/4 T onion powder, 2/3 tsp. fine grind black pepper, salt to taste, and 1/2 cup water.

Stir thoroughly to distribute the seasonings and scrape any browned bits from the bottom of the pot so nothing is sticking (this helps prevent a burn notice).

Secure the lid and set the Instant Pot to MANUAL (HIGH) for 3 minutes. Make sure the pressure valve is set to SEALING.

When the cook time finishes, perform a quick release (move the valve to VENTING) and wait until the float valve drops before opening the lid. Open the lid away from your face.

If there is more liquid than you want, turn the Instant Pot to SAUTÉ (HIGH) and simmer, stirring occasionally, until the excess liquid evaporates and the meat reaches your desired consistency (a few minutes).

Turn the Instant Pot off. Serve the taco meat in tortillas with desired toppings.

To freeze, cool the taco meat, then transfer to airtight containers and freeze for future use.