In a 6 qt Instant Pot, select saute and adjust to normal/medium. Add the oil to the pot When it's hot, add the turkey, onion, garlic, and salt. Cook, stirring occasionally with a wooden spoon to break up the meat, 8 to 10 minutes. Select cancel.
Stir in 1/2 cup water, the tomatoes, bell pepper, jalapeño, and chili powder. Lock the lid in place. Select Manual, and cook on high pressure for 5 minutes. Use a quick release.
Top servings with the avocado and cilantro.