Heat Instant Pot to Sauté. Add oil. Season both sides of meat with salt and pepper.
Add beef to hot Instant Pot and sear until browned, about 7 to 8 minutes. Flip over and repeat with other side, 7 to 8 minutes.
Remove beef to a plate. Add onion and carrots and cook 3 to 4 minutes. Add wine and scrape ALL brown bits from the bottom of the pot. Cook for 4 to 5 minutes or until reduced slightly.
Add beef stock, Worcestershire sauce, rosemary, thyme, and bay leaf. Place beef on top. Cover Instant Pot and seal.
Select Manual (High Pressure) or Pressure Cook, depending on your model. Set timer for 60 minutes.
When finished cooking, let pressure release naturally for 15 minutes before releasing any remaining pressure by turning the valve to vent.
Skim excess fat off the top of the pan juices.
To make gravy, blend together cornstarch and water. Add to pan; cook and stir until slightly thickened.
Serve with mashed potatoes, if desired.
Video
Notes
Alcohol-free: Skip the red wine, just add an extra half cup of beef broth. Use that to scrape the brown bits off the bottom of the pot.
Add potatoes: I like to do them separately because I find that they get a little too mushy, and soak up a lot of the grease from the roast. Simply nestle the potatoes alongside the roast.
Paleo/Whole30 compliant: Use broth instead of wine, Whole30 compliant Worcestershire sauce (you might have to make your own, you could also just skip this ingredient) and thicken with arrowroot powder instead of cornstarch.