Set the Instant Pot to saute mode and add the olive oil. Once hot, add the ground beef and break it apart with a wooden spoon. Cook for 5 to 6 minutes until browned and no longer pink. Drain any excess grease.
Add the diced onion and green bell pepper. Cook for 3 minutes until slightly softened. Add the garlic and tomato paste and stir for 1 minute until the paste is well distributed.
Pour in the beef broth and scrape up any browned bits from the bottom of the pot. Add the crushed tomatoes, paprika, italian seasoning, salt, and black pepper. Stir to combine.
Add the elbow macaroni and gently push it down into the liquid. Do not stir it in aggressively, just make sure it is submerged. Press cancel.
Lock the lid, set the valve to sealing, and cook on high pressure for 4 minutes. When the cook time is done, do a quick release by carefully turning the valve to venting.
Open the lid and give everything a thorough stir. The sauce will thicken as the pasta absorbs the liquid. Let it rest for 2 to 3 minutes.
Serve topped with shredded cheddar cheese and a sprinkle of fresh chopped parsley.