In a 6-quart Instant Pot, select Sauté. Add oil and onion; cook 2 minutes, stirring occasionally. Add beef and sauté 5 minutes or until meat is browned and onions are softened, stirring occasionally and breaking it up with a spoon. Add carrots, celery, barley, tomatoes, broth, tomato sauce, soy sauce, sugar, cornstarch, thyme and bay leaf; stir to combine.