Gather all of your ingredients.
Turn on the Instant Pot and set to Saute. Once the Instant Pot is hot, add the oil, ground beef, and chopped onion. Saute the onion and beef together.
Once the beef has browned, drain all but about 1/3 cup of grease. Stir in the carrot, celery, potato, and minced garlic and cook for about 1 minute, continually stirring. Stir in the black pepper, white pepper, cayenne pepper, parsley, evaporated milk, and chicken broth.
Turn off the saute mode. Add the lid to the Instant Pot, lock in place, and set the vent to seal.
Cook on Manual High heat for 5 minutes.
Allow the pressure to naturally release for 10 minutes before performing a manual release of the remaining pressure.
Add the sour cream, cheddar cheese, and bacon pieces. Stir until combined.
If the soup needs to be thickened, add a little cornstarch and water to the soup and stir until thickened. Scoop and serve with additional bacon , and shredded cheese.