Add the rinsed pinto beans and water to the Instant Pot. Close the lid and set the valve to sealing.

Select the 'Manual' or 'Pressure Cook' setting and set the timer for 30 minutes on high pressure.

Once the cooking time is complete, allow for a natural pressure release for 10 minutes, then quick release any remaining pressure.

Drain the beans, reserving some cooking liquid. Set the Instant Pot to 'Sauté' mode and heat the olive oil.

Add the chopped onion and sauté until translucent, about 5 minutes. Stir in the minced garlic, cumin, and chili powder, cooking for an additional minute.

Add the drained beans to the pot and mash with a potato masher or fork, adding reserved cooking liquid as needed to achieve desired consistency.

Stir in salt to taste and cook for another 5 minutes, stirring frequently.