In a skillet pan, brown the ground beef meat over medium heat. Season with a pinch of salt and pepper. Let the meat sit undisturbed for about 2 minutes. Start breaking the meat with a wooden spatula and the meat is fully cooked. Remove from the heat and set aside.
Turn on the Instant Pot to sauté over medium heat. Melt butter and add cornstarch, cook for about 2 minutes to avoid grainy dipping sauce.
Add chopped onion and jalapeños, keep stirring until fragrant. Add garlic, chili powder, cumin and stir for about 30 seconds.
Add 1 can diced tomatoes and green chilies, salt, black pepper and stir for about 10 seconds.
Pour half of the milk and keep cooking and scraping the bottom of the pan until the sauce is smooth and thick.
Pour and whisk in the remaining milk and add the ground beef. Press the adjust button to increase the heat to high and bring the mixture to a boil for about one minute. Stirring occasionally.
Stir in all the cheese and press the “stop” button to shut off the heat.
Cover the pot with the lid and let it stands undisturbed for about 3 minutes.
Remove the lid and whisk the mixture until smooth. Season with salt and pepper if needed.
Serve with guacamole, fresh salsa, sour cream and enjoy with chips.