Select “Saute” mode and cook the onion and celery, stirring frequently until they are soft and fragrant (about 3 minutes). Stir in the garlic and cook for 1 minute.
Add the beef, season with salt and pepper, and cook until it is almost browned (about 5–6 minutes). Carefully remove the excess fat with a spoon, if desired.
Stir in the chili powder, cayenne, tomatoes, water, and tomato paste and cook for 2–3 more minutes until the mixture starts to bubble.
Add the bay leaves and press “Cancel.”
Secure the lid on the Instant Pot and move the vent knob to the sealed position.
Select “Manual” and cook on high pressure for 10 minutes.
Once the cooking time is up, release the steam naturally or carefully move the vent knob to open for a quick steam release.
Scoop the chili into bowls, and garnish with fresh parsley.