Remove the lid from your instant pot and press the “saute” button. Add olive oil and chopped onion and saute for 4-5 minutes or until the onion starts to brown.
Add ground beef, increase saute temperature to high, and season beef with salt and pepper to taste. Cook for 8-10 minutes or until browned and cooked through. While cooking, break the meat apart with a spatula.
Turn the saute mode off and add all remaining ingredients to the instant pot. Season with more salt and pepper if needed and give a good stir.
Put the lid on and seal the instant pot. Hit “soup” and set the timer to 4 minutes.
When the time is up, release the pressure naturally for 10 minutes, then do a quick release if needed. Take off the lid, discard the bay leaf and sprinkle with chopped parsley before serving.