Turn the Instant Pot to the Sauté setting and add olive oil. Once hot, add the beef cubes in batches, searing until browned on all sides. Remove the beef and set it aside.
In the same pot, add the chopped onion and garlic. Sauté for about 3-4 minutes, or until the onion is translucent.
Stir in the sliced carrots and diced potatoes, mixing well with the onion and garlic.
Return the browned beef to the pot. Add the beef broth, Worcestershire sauce, thyme, rosemary, bay leaves, and season generously with salt and pepper.
Secure the lid on the Instant Pot and set it to Manual or Pressure Cook for 35 minutes on high pressure. Once completed, allow for a natural release for 10 minutes before performing a quick release for any remaining pressure.
If a thicker stew is desired, in a small bowl, mix cornstarch with a few tablespoons of the hot stew liquid to form a slurry. Stir this back into the pot and use the Sauté function for a few minutes to thicken.
Discard bay leaves before serving. Ladle the stew into bowls and garnish with fresh parsley.
Notes
Optional thickening with cornstarch can be adjusted based on preference.