Turn your Instant Pot on Sauté. Once your display reads HOT add the olive oil, onions and jalapeno peppers. Sauté until tender, approximately 4-5 minutes.
Add the garlic and sauté for an additional minute.
Add the ground beef, salt, chili powder, cumin and cayenne pepper. Sauté until the ground beef begins browning.
Add the water and stir.
Add the black beans and salsa to the top of the mixture. Do NOT stir.
Lock the lid and place the valve in the sealed position. Pressure Cook/Manual on HIGH pressure for 10 minutes.
Once the cooking time expires, allow for Natural Pressure Release for at least 5 minutes and then manually release any remaining pressure.
Stir in the sour cream and cheese until melted.