Press the saute button on your instant pot and add the ground beef and onion.
Brown ground beef, stirring often, until beef is no longer pink.
Add minced garlic and cook until fragrant, about 30 seconds.
Drain fat from the instant pot, leaving the cooked ground beef.
Pour in the water and scrape the bottom of the pot with a wooden spoon, to insure there is no food stuck to the bottom of the pot.
Add tortellini, diced tomatoes, tomato paste, beef broth, ketchup, brown sugar, Italian seasoning, and oregano to instant pot. Mix until combined.
Close the lid on your instat pot and set the pressure release valve to sealing.
Press the manual or pressure cook button and set it to 12 minutes on high pressure.
Allow the pressure to naturally release.
Remove lid and stir in Colby Jack and Parmesan cheeses.
Serve, topped with green onions, bacon, and cheddar cheese.