Chop the onion, bell pepper, and jalapeño.
Add the butter, onion, bell pepper, jalapeño, water, then rice. Do not stir.
Then add the corn, black beans, taco seasoning, enchilada sauce, and cream cheese in that order. Do not stir.
Seal the lid, close the pressure valve, and press “Pressure Cook” until it says “Normal”, press the "Pressure Level" button until it is on "High", and press the +/- button until it's on "00:20".
The Instant Pot will beep and then show “On” until it comes up to pressure, then it will beep again and start counting down the cook time.
When the time is up, press “Cancel” to turn the Instant Pot off. Quick release by opening the pressure valve, making sure to stay away from the steam.
When the pressure is released and the float valve is down, remove the lid. Add the cheese and stir until the cheese is melted through. Salt to taste and serve with cilantro and avocado as garnish.