Set your Instant Pot to sauté mode. Add olive oil and brown the beef chunks in batches, removing them once seared.
Add the onion and garlic to the pot, stirring until softened.
Return the beef to the pot along with carrots, potatoes, broth, tomato paste, thyme, rosemary, bay leaves, salt, and pepper.
Lock the lid, set to high pressure, and cook for 35 minutes.
Allow a natural release for 10 minutes before carefully venting any remaining pressure.
If you’d like a thicker stew, mix cornstarch with water and stir it into the pot using sauté mode until it thickens.
Serve hot with bread for dipping.