Press the SAUTE button on the Instant Pot. Once it displays hot, add the oil to the pot. Add the garlic, onion, jalapeño and sweet peppers. Sauté for 1 minute, till they start to sizzle.
Add black beans, corn, spinach, cumin powder, smoked paprika and salt. Add Rice and red enchilada sauce. Mix everything well.
Add water or broth to the pot. Scrap everything at the bottom and make sure nothing is stuck there. ( de-glazing)
Close the lid, push valve at sealing position. Press the MANUAL or PRESSURE COOK button and select high pressure for 5 minutes.
After InstantPot beeps when it's done cooking, wait on the KEEP WARM counter for 5 minutes and then do a quick pressure release.
Open the lid. Using the fork, gently fluff the rice.
Stir in the cheese( if using) and garnish with chopped cilantro, a good squeeze of lemon juice and avocado slices. Serve warm.