Turn Instant Pot to sauté setting. When display says HOT add in the beef and break it up. Add in the onions. Let the beef brown for about 5 minutes. Drain off excess grease.
Pour in the water and scrape bottom of pot so that nothing is sticking.
Add in the bouillon, salt, pepper, cumin, garlic powder, cayenne, potatoes, corn, black beans, green chiles and diced tomatoes.
Cover Instant Pot and secure the lid. Make sure valve is set to sealing. Set the SOUP button to 4 minutes. When time is up let the pot sit for 5-10 minutes and then move the valve to venting. Remove the lid.
Stir in the evaporated milk and Velveeta until it has completely melted. Add in half of the bacon crumbles.
Ladle into bowls and sprinkle a few bacon crumbles onto top of each bowl of soup.