Set Instant Pot to Saute mode.
Once HOT, add olive oil, let it warm up, and add onion, cook for a few minutes, until soft.
Add minced garlic, cook for 1 minute, stirring all the time.
Add bell peppers, carrot, diced tomatoes, and tomato paste stir and cook for 1 minute.
Add the rest of the ingredients. Stir to combine.
Make sure you don't go over the MAX fill line of the pot.
Close lid and set to Manual High Pressure for 5 minutes. It will take about 10 minutes for the Instant Pot to reach high pressure, then it will cook for 5 minutes. Make sure you close the vent.
When the timer goes off, do a 10-minute Natural Pressure Release. Then carefully open the vent and release any remaining steam.
Open the Instant Pot, remove and discard the bay leaves and gently stir to combine the soup.
Taste and adjust for salt and pepper.
Serve and garnish with chopped parsley.