I am a PS newbie and I was looking for a solution to this question.
Instead of searching directly on SO I tried to investigate on my own using PS help (to get more experience on PS) and I came up with a working solution.
Then I searched SO to see how I compared to experts answers.
I guess my solution is less elegant but more compact. I report it here so others can give their opinions:
if (!(Get-AzResourceGroup $rgname -ErrorAction SilentlyContinue))
{ "not found"}
else
{"found"}
Explanation of my logic: I analyzed the Get-AzResourceGroup output and saw it's either an array with found Resource groups elements or null if no group is found. I chose the not (!) form which is a bit longer but allows to skip the else condition. Most frequently we just need to create the resource group if it doesn't exist and do nothing if it exists already.