Add the extra virgin olive oil to the Instant Pot, turn on the SAUTE function and heat the oil until hot but not smoking (about 1 minute).
Dump the onion, peppers and garlic into the Instant Pot and saute (stirring frequently) until the vegetables start to soften and become fragrant (1 to 2 minutes). Turn the Instant Pot off (CANCEL).
Add broth, frozen riced cauliflower, tomato paste and all of the dried herbs and spices to the pot. Give everything a good stir. Secure the lid, seal the pressure valve and program to HIGH PRESSURE COOK for 1 minute (it will take about 15 minutes to reach pressure).
Once done cooking, quick release remaining pressure. Once all of the pressure has released, remove the lid, turn the Instant Pot off and fluff the "rice" with a fork. Excess liquid will thicken upon standing.
Season to taste with additional salt. If desired, garnish with fresh chopped cilantro before serving.