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Add water, salt, and oil to the Instant Pot inner liner.
Press the Sauté button and let the water heat up. When the water starts to simmer, add the pasta and stir.
Close the lid and set the steam release Knob to the Sealing position.
Press the Manual (or Pressure Cook) button and the + or - button to choose 4 minutes.
When the cook cycle is done and the pot beeps, do a quick release of the pressure.
After all of the steam is out and the pin in the lid drops, open pot and drain the pasta in a colander and rinse with cold water to stop the pasta from cooking further, and then set it aside (make sure it is completely cooled).
Press the Sauté button and let the pot start warming up.
Add the bacon and cook, stirring occasionally, until done. Remove and set aside.
Add the olive oil to the pot and the onion. Cook the onion, stirring occasionally, until just starting to turn translucent.
Add sausage and red pepper and cook, breaking up the meat, until done.
Add the Italian seasoning, black pepper, garlic, celery, and carrots. Cook, stirring constantly, for 1 minute.
Add tomatoes, tomato sauce, all of the beans, bay leaves, thyme, rosemary, reserved bacon, and broth. Stir well.
Press the Cancel button to turn off the Sauté mode. Put the lid on and set the steam release knob to the Sealing position.
Press the Manual (or Pressure Cook) button and the + or - button to choose 7 minutes.
When the cook cycle is done and the pot beeps, let it do a natural release of the pressure for 15 minutes, then do a quick release of the remaining pressure. After all of the steam is out and the pin in the lid drops, open and stir the contents.
Add the reserved pasta, parsley, parmesan cheese, and basil. Stir well and let sit for a few minutes before serving.
Garnish with more parmesan cheese and serve.