Combine rice, diced tomatoes, water, onion, green bell pepper, salsa, garlic powder, chili powder, salt, and pepper in a multi-functional pressure cooker. Close and lock the lid. Select the Rice function according to manufacturer's instructions; cook until rice is tender and flavors are blended, about 10 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, 10 to 40 minutes.