Set the instant pot to sauté and add the olive oil.
When olive oil is hot, add the onion and sauté for 5 minutes or until translucent.
Add the garlic and sauté for 1 minute.
Add the ground beef and cook until lightly browned, stirring frequently.
Add the beef broth, crushed tomatoes, petite diced tomatoes, tomato paste Italian seasoning and broken up lasagna noodles. Stir until well combined.
Close the lid and seal the pressure valve.
Cook on high pressure for 8 minutes.
When the time is up, allow pressure to naturally release for 10 minutes. Then, quick release remaining pressure and remove the lid.
While the soup is cooking, mix the cheeses together until well combined. Then, add in the basil and garlic powder. Salt and pepper to taste and mix again until well combined. Place cheese mixture in refrigerator until the soup is done.
To serve, place a dollop of cheese mixture in the center of each soup bowl and ladle the lasagna soup on top. Garnish with additional basil and parmesan cheese if desired.