Select saute or browning setting on a 6-qt. electric pressure cooker. Adjust for medium heat; add oil. When oil is hot, brown meat in batches. Remove and keep warm. Cook onions in drippings until tender, 4-5 minutes. Press cancel. Combine remaining ingredients; add to cooker. Return beef to cooker.
Lock lid; close pressure-release valve. Adjust to pressure cook on high for 25 minutes. Let pressure release naturally for 10 minutes; quick-release any remaining pressure. Press cancel.
Select saute setting and adjust for medium heat; bring liquid to a boil. Cook until sauce reaches desired thickness, about 20 minutes. Remove bay leaves. Serve with pasta.
Freeze option: Freeze cooled meat mixture in freezer containers. To use, partially thaw in refrigerator overnight. Heat through in a saucepan, stirring occasionally and adding a little broth if necessary.