In a 6-qt. electric pressure cooker use the saute setting to cook ground beef over medium heat until browned. For a stove-top cookers, cook directly in the pot.
Stir in pasta, flour, chili powder, and salt. Stir in the water. Lock lid in place. Set an electric cooker on high pressure to cook 5 minutes. For a stove-top cooker, bring up to pressure over medium-high; reduce heat enough to maintain steady (but not excessive) pressure. Cook 5 minutes. Remove from heat.
For both models, let stand 15 minutes to release pressure naturally. Release any remaining pressure. Open lid carefully. Stir in salsa con queso and olives. Top with cheese (do not stir). Cover; let stand 10 minutes. Stir gently to combine. Top servings with lettuce and tomatoes.