Press the “Saute” button on the Instant Pot.
Add diced bacon and cook for 3 minutes, or until crispy.
Remove bacon with a slotted spoon and set aside on a plate. DO NOT drain bacon grease from the Instant Pot.
Add diced onion to the bacon grease and cook for 2 to 3 minutes, or until translucent.
Crumble the ground beef into the Pot; cook for 6 to 7 minutes, stirring frequently, until browned and no longer pink.
Stir in garlic.
Break spaghetti into thirds and add to the pot.
Season with salt and pepper.
Add in crushed tomatoes, water, tomato paste, basil, and oregano.
Stir gently to combine it all together.
Push the spaghetti down and make sure they are completely covered in the liquid.
Seal the Instant Pot.
Select the “Manual” button and set it for 5 minutes at HIGH PRESSURE.
When 5 minutes are up, allow for pressure to release naturally for 5 minutes.
Turn knob to venting and release remaining pressure.
Remove lid and gently stir everything together.
Taste for salt and pepper and adjust.
Garnish spaghetti with previously prepared bacon, parmesan cheese, and parsley.
Serve.