Set Instant Pot to Saute.
Once the IP is hot add the oil and wait for it to start simmering.
Add the ground beef, let it cook without moving for about 1 minute, to get a nice sear on it. After that, break it up using a wooden spoon as it cooks.
Once the ground beef has browned, add chopped onion, minced garlic, diced jalapeños, salt and pepper stir and cook for 1-2 minutes.
Add broth and scrape well the bottom of the pot to remove any bits of beef that stuck to it.
Add butter and cream cheese. Stir to combine.
Add pasta and stir to combine.
Cover and seal the lid. Make sure the valve points to Sealed. Change setting to manual and adjust time to 5 minutes on High Pressure.
Once Instant Pot beeps to show that it's done, do a quick release, by changing the position of the valve to Vent. Carefully remove cover and stir.
Turn off the Instant Pot. Remove the lid and stir the pasta.
Top with shredded cheese, put the lid back on but don't seal. Allow a minute or two for the cheese to start melting. Stir to combine.
Serve topped with bacon, jalapeños and chopped parsley.