Heat olive oil in a multi-functional pressure cooker (such as Instant Pot(R)) and select Saute function. Cook beef cubes until brown on all sides, 5 to 10 minutes. Transfer to a plate. Cook carrots, onion, and celery until translucent, about 5 minutes. Return beef to the pot; add water, turnips, green beans, tomato paste, salt, garlic powder, onion powder, celery seed, and bay leaves.
Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 30 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, 10 to 40 minutes. Unlock and remove the lid. Taste the soup; add more salt, garlic, onion, and pepper, if needed.