Select Sauté and once the Instant Pot reads Hot, add the chopped bacon, DO NOT move for about 1 minute.
Using a wooden spoon, start stirring frequently for a few minutes until the bacon is nice and crispy.
Carefully remove the pot and drain grease. Wipe the edges and return the pot to the Instant Pot and push the bacon on one side of the pot. You can also remove it, and set it aside, to stir into the soup when done.
Add the ground beef to the other side of the pot. Using a wooden spoon, break the beef and cook by stirring frequently for a few minutes, until no longer pink.
Carefully, remove the pot from the IP and discard excess grease. Wipe the edges and return pot with beef to the Instant Pot.
Adding the rest of the ingredients:
Add the onion and garlic and cook for 1-2 minutes, stirring occasionally.
Add the rest of the ingredients and stir to combine. Make sure you don't go over the max line of your pot, once you add the broth.
Close the IP with the lid and lock it. Turn the steam release vent to 'sealing' and set it to cook for 10 minutes on High Pressure.
When the cook time is up, allow the pressure to reduce on its own without opening the steam release vent for 10 minutes, this is called Natural Pressure Release. After 10 minutes carefully release the rest of the pressure by opening the vent.
Open the lid and stir the soup. Taste and adjust for salt and pepper.
Once you add the soup to individual bowls, if desired, top with cooked rice and sprinkle chopped fresh parsley.