Place the potatoes and the water in the multicooker. Attach the lid and set to manual, high pressure for 6 minutes. Allow for a natural release of pressure for 2 minutes, then manually release the pressure. Drain the potatoes, discarding the water. Set the potatoes aside and return the stainless-steel insert to multicooker.
Turn the multi cooker to sauté and add the bacon. Sauté the bacon for 5-7 minutes until it is crispy, and the fat has rendered out. Remove the bacon and reserve.
Add the onions to the multicooker and cook them in the bacon fat for 3-5 minutes or until they are slightly caramelized.
Add the cooked potatoes to the multicooker and stir gently to mix in the onions. Season the potatoes with the ranch powder, salt and pepper then stir again gently just to incorporate the seasoning. Transfer the potatoes to a serving dish and garnish with the reserved bacon and fresh parsley.
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