Turn on the instant pot and select Sauté.
Once it becomes hot, add beef and onion. Sauté for 2-3 minutes.
Add in broth, potatoes, carrots, salt, pepper, celery, basil, parsley and garlic powder.
Cover the lid, press the “Manual” button and cook for 5 minutes on HIGH pressure.
Open the lid and add evaporated milk, cornstarch slurry and cheese. Stir well.
Dish out and serve hot.