Season chuck roast pieces with salt and pepper on all sides. Turn the Instant Pot to SAUTÉ mode and add 1 tbsp olive oil. Once hot, sear the beef on all sides, about 3 to 4 minutes per side. Transfer beef to a plate.
To the pot add the onion and sauté about 3 minutes. Add in the garlic and tomato paste and stir until fragrant, about 30 seconds. Pour in the red wine and stir, scraping the bottom of the pot to deglaze and remove any browned bits stuck on the bottom.
Pour in the beef stock, Worcestershire sauce, potatoes and carrots. Top with the beef chunks, rosemary, thyme and bay leaves. Place on the lid and make sure the valve is in the SEALED position. Cook on HIGH pressure for 35 minutes. Once done, let the pressure naturally release for 10 minutes, then turn the valve to allow the pressure to finish releasing.
Discard bay leaves, rosemary and thyme. Use a slotted spoon to remove the beef, potatoes and carrots to a plate and loosely cover with foil to keep warm.
Pour the liquid through a fine mesh strainer into a bowl or large measuring cup and keep just 2 cups. Reserve the onions if desired. Skim any fat off the liquid and set aside.
Return the instant pot liner to Instant Pot and turn to Sauté mode. Add 2 tbsp butter and let melt. Whisk in the flour and cook about 2 minutes. Gradually whisk in beef drippings and cook until desired thickness of gravy is reached. Season with salt and pepper to taste. Enjoy!