Season the beef: Cut the beef roast in half and season generously with salt and black pepper on all sides.
Sear the beef: Set the Instant Pot to Sauté and heat the olive oil. Add the beef and sear for approximately 4 minutes per side, until nicely browned. Remove and set aside.
Sauté the aromatics: Add the chopped onion to the Instant Pot and sauté for about 4 minutes, until softened. Add the minced garlic and cook for another 30 seconds. Press Cancel.
Add the broth: Stir in the tomato paste, Worcestershire sauce, and beef broth, scraping up any browned bits from the bottom of the pot.
Pressure cook the beef: Return the beef to the Instant Pot and add the bay leaves. Secure the lid and set to High Pressure for 60 minutes. Allow a 10-minute natural pressure release, then carefully release any remaining pressure.
Add the vegetables: Open the lid and add the potatoes and carrots, arranging them around and on top of the beef. Secure the lid and pressure cook on High for another 15 minutes. Allow a 10-minute natural pressure release, then release the remaining pressure.
Serve: Remove the bay leaves and transfer the beef and vegetables to a serving platter. Slice or shred the beef into chunks, spoon the cooking broth over everything, and serve warm with rice or a side salad.