Set the Instant Pot to sauté mode and add the ground beef, diced onion, and minced garlic. Cook until the beef is browned and the onion softens.
Stir in the chili powder and ground cumin. Cook for one minute until the spices smell fragrant.
Add the black beans, corn, diced tomatoes with green chiles, and beef broth. Season with salt and pepper.
Secure the lid, set the valve to sealing, and cook on manual high pressure for 10 minutes.
Allow a natural pressure release for 10 minutes, then quick release any remaining pressure. Stir the stew and serve topped with fresh cilantro.