Using the saute setting on the instant pot, brown beef in batches. Season with salt and pepper. Remove beef.
Add butter to pot and saute onion. Add carrot and potatoes and cook for about 5 minutes. Add in garlic and stir for 30 seconds. Cancel saute setting.
Pour a bit of beef broth to pot and scrap the bottom to release the brown bits. Add remaining broth, beef, bay leaf and seasonings, then stir. Sprinkle barley so that it is immersed in liquid, but stays above the other ingredients.
Set lid on instant pot and lock. Cook on high pressure for 15 minutes, then natural release the pressure for another 15 minutes. Release remaining pressure before removing lid.
Add tomato paste, add sugar if using, and salt and pepper to taste. Garnish with parsley and serve.
Notes
Be sure to sear the beef on all sides for added flavor.
Optional, deglaze the Instant Pot with a splash of red wine.
Trim meat of excess fat so the soup will not be so greasy.
Cut beef and vegetables into bite-sized pieces for even cooking.
Add vegetables of choice to the soup.
Soak the pearl barley for an hour or overnight to reduce cook time and help it cook more evenly.
If the soup becomes thick, add a bit of water or broth to adjust the consistency to your liking.