Sauté: Select the Instant Pot sauté button and add the olive oil. When the display indicates the pot is hot, add the ground beef. Cook the beef for 3 minutes and then add the onion. Continue to cook, stirring, until the beef is no longer pink. Drain well.

Add: To the Instant Pot, add the salt, pepper, garlic powder, tomatoes, tomato sauce, and water. Stir, scraping up any browned bits in the bottom of the pan. Stir in the farfalle pasta.

Pressure Cook: Secure the lid and move the release valve to the sealing position. Select 'Pressure Cook' or 'Manual (High Pressure)' and set the cooking time to 6 minutes. When the time is up, carefully turn the valve to the venting position to quickly release the pressure. Use a long utensil and protect your hands; the steam is super hot!

Finish the Dish: Add the tomato paste to the pot and switch to the sauté setting. Cook for about 2 minutes longer.

Serve: Spoon the pasta into a serving bowl and garnish with fresh chopped parsley, if desired.