Add cauliflower, water, carrots, and cashews to the Instant Pot.

Cook on high pressure for 5 minutes, then carefully do a quick pressure release.

Drain the cooked mixture using a strainer.

Combine the drained mixture with nutritional yeast, drained tomato liquid, smoked paprika, salt, chili powder, jalapeno powder (if using), and mustard powder in a blender.

Blend until smooth.

Pour the blended mixture into a mixing bowl.

Stir in drained diced tomatoes with green chiles, bell pepper (if using), minced onion (if using), and cilantro.

Serve at room temperature or keep warm on the lowest slow cooker setting.