In a fine mesh strainer, rinse the rice well and drain. Set aside.
Heat the olive oil in the Instant Pot using the Saute function. When hot, add the onion and saute, stirring often, about 3 minutes until softened.
Add the garlic and cook, stirring, for 30 seconds. Turn off the Saute function.
Pour the water into the Instant Pot and stir, scraping up any bits stuck to the bottom of the pot.
Add the salt, chili powder, ground cumin, garlic powder, dried oregano, tomato sauce and rinsed rice. Stir.
Close the Instant Pot lid and turn the steam release valve to the sealing position. Pressure cook on high pressure for 4 minutes. The Instant Pot will take about 15 minutes to reach pressure and then the cook time will begin counting down.
When the cook time ends, allow the pressure to release naturally for 15 minutes by leaving the Instant Pot alone. Then, carefully turn the steam release valve to the venting position to release any remaining steam. Once the pin drops down, open the Instant Pot lid.
Stir and fluff rice and serve, with chopped fresh cilantro if desired.