Preheat the pressure cooker over medium heat (or use the sauté setting on the Instant Pot). Heat the oil until shimmering. Sauté the onion and red pepper until softened, then add the garlic and jalapeño and sauté until fragrant.
Add the meat and cook until browned, breaking it up with a wooden spoon while cooking. Stir in the chili powder and cayenne pepper (if using). Add the water, tomatoes, and pasta.
In a regular pressure cooker: bring to high pressure over medium-high heat then reduce heat to medium-low and cook for five minutes. Quick release the pressure.
In an Instant Pot, set to bean/chili and set time for five minutes. At the end of the cook time, turn the Instant Pot off and quick release the pressure.
Stir in the corn and the cilantro. The residual heat from the pot should thaw the corn. Salt and pepper to taste then stir in the cheese. Serve immediately, topped with sour cream and avocado if desired.
