Turn on a multi-functional pressure cooker (such as Instant Pot) and select Sauté function for medium heat. When hot, add olive oil and coat the bottom of the pot. Add beef, oregano, and thyme; cook and stir until browned, breaking it apart as it cooks, 5 to 7 minutes. Add carrot, potato, onion, and garlic. Cook, stirring frequently, until softened, about 5 minutes. Turn off Sauté mode.

Stir in water, undrained tomatoes, cabbage, bouillon base, salt, and pepper. Close and lock the lid. Select high pressure according to the manufacturer’s instructions; set the timer for 20 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to the manufacturer’s instructions for 15 minutes. Release remaining pressure carefully using the quick-release method, about 5 minutes. Unlock and remove the lid; stir. Serve hot.