Set your Instant Pot to Sauté. Add the olive oil and ground beef. Brown the meat completely and drain any excess fat. Critical Step: Pour 1/2 cup of your beef broth into the pot and use a wooden spoon to scrape every bit of browned meat off the bottom. If the bottom isn't clean, you may trigger the "Burn" notice during pressure cooking.
Stir in the Italian seasoning, garlic powder, onion powder, salt, and pepper. Pour in the remaining 1 1/2 cups of beef broth and stir.
This is the most important part. Take a small handful of the halved spaghetti and lay it in one direction. Take the next handful and lay it perpendicular (forming an "X"). Repeat until all noodles are in. This prevents the pasta from clumping into a single doughy mass.
Pour the marinara sauce directly over the top of the noodles. Do not stir. You want the sauce to sit on top of the noodles while the broth at the bottom creates the steam needed to reach pressure.
Seal the lid and set the manual/pressure cook time to 7 minutes.
As soon as the timer beeps, perform a Quick Release by turning the valve to "Venting." Allowing it to sit on natural release will overcook the noodles into a mushy texture.
When the pin drops, open the lid. The sauce will look thin at first. Use tongs or a sturdy spoon to stir vigorously for 1-2 minutes. This incorporates the starch from the noodles into the sauce, thickening it into a rich, velvety coating.
Let it sit for 3-5 minutes to thicken further before serving. Garnish with plenty of Parmesan and fresh basil.