Heat oil in the bottom of an electric pressure cooker set on Saute. Add beef, onion, chili powder, salt, and cumin (see Cook's Note). Cook and stir, breaking up beef to crumble it, until browned, about 5 minutes. Stir in water, salsa, and rice.
Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 8 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid.
Set pressure cooker back to Saute; add black beans, corn, and cilantro. Stir to combine. Cook, stirring occasionally, until beans and corn are heated through, about 3 minutes. Transfer to a serving dish; top with shredded Cheddar cheese.