Turn Instant Pot to Sauté and brown the ground beef. Drain the grease from the beef and place beef back into the Instant Pot.
Add potatoes, carrots, broth, and diced tomatoes into the Instant Pot and mix it up.
Close the lid and turn pressure valve to sealing. Using the Soup function to cook on high pressure for 30 minutes.
When done, carefully release pressure using the quick release method.
Stir in milk and Velveeta. Keep the Instant Pot on the Keep Warm function until the cheese melts completely.
Add salt and pepper as desired. Serve with chips, fries or vegetables. The keep warm function can be used to keep the dip warm until ready to serve or during gatherings.