Turn the Instant Pot to SAUTE and add 1 tbsp olive oil to the pot. Add onion and SAUTE for a few minutes, until translucent.
Add the ground pork and ground beef and saute cook until cooked through, adding more olive oil as necessary.
Add the rest of the ingredients except Colby Jack Cheese to the pot.
Secure the lid and turn the pressure to HIGH for 6 minutes. When the timer goes off, allow for a 5 minute Natural Pressure release and then perform an Instant Pressure release.
Add 1.5 cups cheese into the pot, stirring to combine. Then, sprinkle the remaining cheese on top of the rice and put the lid back on for a minute or two to allow the cheese to melt (do not turn the pot on). Enjoy!