Set the Instant Pot to Sauté mode. Add the olive oil, onion, bacon, and garlic. Cook, stirring occasionally, until the bacon is browned and the onion is softened, about 5 minutes.
Add the potatoes, cabbage, salt, and pepper. Stir to combine. Secure the lid and set the pressure release valve to Sealing. Select Manual/Pressure Cook and set the cooking time to 4 minutes.
When the cooking time is complete, allow the pressure to release naturally for 10 minutes, then move the pressure release valve to Venting to release any remaining pressure. Carefully open the lid.
Stir in the cream and parsley. Serve warm.
Interesting Facts
The traditional Irish dish, colcannon, is usually made with mashed potatoes, cabbage or kale, butter, and cream.
It is traditionally served on Halloween as a way to ward off evil spirits.
The name "colcannon" comes from the Irish phrase "cal ceannann", which means "white-headed cabbage".