In a large bowl, combine ground beef, breadcrumbs, egg, garlic, salt, and pepper. Scoop mixture into 1-in meatballs and place on a plate.
Heat an instant pot using BROWN/SAUTE function. Swirl vegetable oil to coat bottom of instant pot. Place meatballs in instant pot and sear on all sides until lightly browned. Transfer to a plate.
Melt butter in instant pot drippings. Whisk in flour until smooth and let cook 1-2 minutes until golden-brown. Gradually whisk in beef broth until smooth.
Add meatballs to instant pot, lock lid into place, and close vent. Cook meatballs on high pressure 8 minutes, then quick release instant pot to release pressure.
Unlock lid from instant pot and fold heavy cream, Worcestershire sauce, and parsley into meatballs. Season sauce with salt and pepper to taste. Serve meatballs warm over egg noodles and enjoy!