Place broth, water, beans, rice, onion, bell pepper, celery, Creole seasoning, garlic, hot sauce, thyme, oregano, and bay leaves in the bottom of a multi-functional pressure cooker (such as Instant Pot®). Stir to combine. Close and lock the lid.
Select high pressure according to manufacturer's instructions; set timer for 50 minutes. Allow 20 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, about 15 minutes. Remove the lid, stir, and let stand for 10 minutes to thicken.
Divide among serving dishes and garnish with parsley.