One hour before you plan to cook, place the dried beans in a bowl and cover with hot water by 2 inches; drain before using.
Select SAUTÉ/Normal on the Instant Pot. When the pot is hot, add the sausage and garlic and break up with a wooden spoon. Add the onions, tomatoes, beans, bay leaves, Italian seasoning, salt, and water. Stir in the collard greens.
Secure the lid on the pot. Close the pressure-release valve. Select MANUAL/PRESSURE COOK and set the pot at HIGH Pressure for 35 minutes. At the end of the cooking time, allow the pot to sit undisturbed for 10 minutes, then release any remaining pressure.
Discard the bay leaves, stir in parsley and Parmesan cheese (if desired), and serve.