In a medium sized bowl, whisk together ketchup, brown sugar, mustard, garlic powder, salt, and hot sauce until well combined. Set aside.
Hit SAUTE on your 6 quart Instant Pot.
Once it reads HOT, add in olive oil, beef, onion, and peppers.
Cook, breaking up the meat as you go, until the beef is no longer pink.
Hit CANCEL on the Instant Pot, remove the beef mixture, and drain any excess grease.
Deglaze the Instant Pot with Worcestershire and vinegar, scrapping up any brown bits from the bottom.
Place the beef mixture back into the Instant Pot, then pour the sauce mixture on top - DO NOT MIX - this helps avoid a BURN reading.
Cover and lock the lid - make sure the pressure valve is pointed toward SEALING.
Cook on HIGH pressure for 5 minutes.
Allow the Instant Pot to naturally release for 5 minutes before flipping the pressure valve to VENTING.
Hit SAUTE on the Instant Pot, bring the mixture to a simmer, and simmer until thickened to your liking, about 5 minutes, stirring occasionally to prevent burning.
Serve with a slotted spoon if it’s too saucy for you.
Take 5 seconds to . We greatly appreciate it!