Make sure the stainless steel insert is in your Instant Pot. Press the "saute" setting and wait until the display shows HOT.
Add olive oil. Swirl to coat the bottom of the pot.
Add onion, pepper and garlic. Saute for 2 to 3 minutes.
Add Italian seasoning and paprika. Stir in well and cook for 1 minute.
Add ground beef and cook breaking it apart with a wooden spoon. If you are using fatty beef, you may need to drain the grease. The best way to do this is to push the beef onto one side in the pot and scoop out the grease with a ladle.
Add salt and pepper and stir in.
Press "cancel/off" button.
Add 1 cup of beef stock and deglaze the bottom of the pot, by scraping any cooked on bits with a wooden spoon.
Add remaining beef stock and water.
Add corn, celery and carrots. Stir in.
Add tomato sauce and crushed tomatoes. Place the Bay leaf on top. Do not stir.
Close the lid and set valve to sealing position (the newer IP models do it on their own).
Press the "manual" or "pressure cook" setting and make sure the Instant Pot is set to cook on HIGH pressure.
Set timer to 7 minutes.
The Instant Pot will beep and start coming to pressure. This can take 12 to 15 minutes. Remember, there is a lot of food in the Instant Pot.
Once the timer is done, press "cancel/off" button and wait 5 minutes. Then switch the valve to "venting" position to release any remaining pressure.
Carefully open the lid away from your face. The soup will be bubbling.
Stir in and let the soup sit for 10 minutes to cool.
Notes
Please note, that the nutrition value can vary depending on what product you use. The information below is an estimate.
use at least 80% lean ground beef; you won't have to drain the grease. You can also use ground turkey, that is known for very low fat content.