Set your Instant Pot to sauté mode. Once it is hot, add your meat to the bottom of the pot, and break it into small pieces. Continue to sauté until brown. Once done, drain and set the meat aside.
Again, using the sauté function, melt butter, than add in your onions. Continue to stir as they soften. Cook the onions for about 3-5 minutes until fully softened. Once the onions are done, add your jalapeños and cook for another minute. Add in the garlic, chili powder, and cumin. Stir all of the ingredients together for another 1-2 minutes.
Add the Rotel and salt, and black pepper. Pour in your milk and scrape the bottom of the pan to remove any residue from the meat or vegetables. This will add extra flavor to your queso. Return the meat to the pressure cooker. Keeping your instant pot on sauté mode, use the + button to increase your Instant Pot heat. Whisk well and allow it to boil.
Once it has reached a high boil, keep it there for one minute. Add in all your cheese, mix, and then place lid on the Instant Pot. Leave it for five minutes to melt.
Remove the lid, transfer to your favorite serving bowl, serve with corn tortilla chips, and enjoy!