Turn on the Instant Pot and select the sauté setting. Preheat the inner pot on Sauté More/High.
Add olive oil to the pot and let it heat up.
Add ground beef and cook for 5 minutes until browned. Mince the beef and stir regularly as it cooks.
Add chopped onion to the pot, and cook for 3 minutes until the onion is translucent. After, add minced garlic and cook for another 30 seconds until fragrant.
Stir in the Italian seasoning, paprika, salt, and pepper for 30 seconds then select cancel.
Add beef broth, tomato sauce and shell pasta to the pot. Stir well until the pasta is completely submerged in the liquid.
Secure the lid on the Instant pot and set the valve to the sealing position.
Select the pressure cook setting. Pressure Cook on High for 5 min. When the time is up, carefully quick release the pressure.
Once done, select cancel and remove the lid.
Stir in heavy cream and gradually add the shredded sharp cheddar cheese. Stir until the cheese is melted and the sauce is creamy.
Taste and adjust seasoning if necessary and garnish with freshly chopped parsley.