Set your instant pot to the sauté setting and allow to warm up.
Once heated, add the ground beef and olive oil. Using a wooden spoon, stir the beef until no longer pink (5-6 minutes) and break into smaller pieces. Season with onion powder, garlic powder, parsley, Italian seasoning, and salt and pepper.
Once the beef has browned, turn off your instant pot.
Break your spaghetti in half and place in the pot over your beef. Add the water then scrape the bottom to ensure the meat doesn't activate the "burn" warnings on the instant pot.
Add sauce over everything; if necessary, gently push your noodles down until they’re completely submerged in water. Do not stir from here on out.
Seal your instant pot and cook everything on high for 8-9 minutes.
After the allotted time has passed, use manual quick release to open the pot. Stir everything together very well or until the noodles are entirely covered with sauce.
Serve immediately with grated cheese.