Switch on your instant pot and press sauté (normal). When the display shows HOT, add oil, onions, garlic, bouillon cubes and tomato paste. Sauté for 2 minutes.
Add the ground meat and half a cup water. Stir well, cover with a glass lid and cook for 10-12 minutes. Deglaze as needed.
Add the broth, sea salt, crushed black pepper, paprika, 1 cup water and macaroni. Mix everything well. Cancel sauté, secure the lid and pressure cook for 4 minutes. Do a quick release of pressure.
Open the pot and add the cheddar and oregano or thyme. The cheese will melt in the residual heat from the pot. Serve hot with some extra herbs sprinkled on the top.
Notes
If you want the goulash a bit spicy, add a teaspoon of cayenne in addition to the paprika.
The bouillon cubes will have salt in them, so adjust the salt according to your taste.
Switch up the dried herbs for Italian seasoning if you have it.
Increase the amount of broth or water if you want your goulash more liquidy.