Set the Instant Pot to saute mode and heat the olive oil. Add the pork pieces and cook until lightly browned on all sides, about 5 minutes.
Add the diced onion and minced garlic. Stir and cook for 2 minutes until the onion softens.
Stir in the tomato paste, thyme, salt, and black pepper. Cook for 1 minute to blend the flavors.
Add the carrots, potatoes, parsnip, beef broth, and bay leaf. Stir well to combine and scrape any bits from the bottom of the pot.
Cancel saute mode, secure the lid, and set the valve to sealing. Cook on manual high pressure for 35 minutes.
Allow a natural pressure release for 10 minutes, then quick release any remaining pressure. Remove the bay leaf before serving.