Turn on a multi-functional pressure cooker (such as Instant Pot) and select the Sauté function. Add olive oil and turkey; cook until halfway browned and crumbly, 3 to 4 minutes. Stir in carrots, onion, bell pepper, Italian seasoning, garlic powder, seasoned salt, and black pepper.

Mix water, Worcestershire sauce, and bouillon granules together in a small bowl. Pour into meat mixture and stir until well combined. Bring to a simmer, then stir in macaroni and paprika. Add tomatoes and tomato sauce, making sure not to stir after this addition. Close and lock the lid. Set the timer for 4 minutes. Allow about 10 minutes for pressure to build.

Release pressure carefully using the quick-release method according to the manufacturer's instructions, about 5 minutes. Unlock and remove the lid.

Mix well before serving.