With the cooker lid off, heat oil on HIGH or "brown," until sizzling. Place the ground beef in the cooker, and cook until browned.
Add remaining ingredients, except for the cheese, to the cooker.
Securely lock the pressure cooker lid and set for 6 minutes on HIGH.
Perform a quick release to release the cooker pressure.
Add the processed cheese, stirring until melted and creamy. Let sit 5 minutes to thicken before serving.