Set your Instant Pot to Sauté mode and cook the Italian sausage until browned and cooked through. Be sure to break up the meat as it cooks.
Add all remaining soup ingredients to the pot. Close and lock the lid, and et the steam valve to sealing. Set Instant Pot to manual (high pressure) for 5 minutes.
Once the cooking cycle has completed, open the steam valve carefully for a quick release. When the pin drops, remove the lid. Discard the bay leaf and check tortellini is cooked to your preference. If a softer pasta is required, turn on sauté and cook an additional 2 to 4 minutes.
Serve warm garnished with chopped parsley and Parmesan cheese, if desired.