Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add ground turkey and cook, breaking up into crumbles, until browned, about 5 minutes. Add macaroni, water, diced tomatoes with liquid, and tomato powder; mix well. Cancel Saute function.
Close and lock the lid. Select high pressure according to manufacturer’s instructions; set timer for 10 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer’s instructions, about 10 minutes. Release remaining pressure carefully using the quick-release method, about 5 minutes. Unlock and remove the lid.
Stir in Cheddar cheese, crema, taco seasoning, and onion powder until well combined.
Serve immediately, garnished with jalapeno and black olive slices.
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