Take the beef out of the refrigerator and out of the package. Lay it out on a rimmed baking sheet or a large cutting board and let it rest for about 30 minutes to warm up. Cut it in half or in thirds, depending on the size.
Combine seasoning in a small mixing bowl. Season the beef chunks generously on all the sides and leave the remaining of the seasoning for the broth mixture. (Depending on the side of meat, you will probably use 1/2 to 3/4 of the seasoning.)
Preheat Instant Pot on "saute" setting and drizzle oil over the bottom and some up the sides. Sear the beef halves until golden-brown on all the sides.
Cooking Pot Roast:
Combine all the ingredients for the broth mix in a mixing bowl and whisk together until smooth.
Take the beef out of the Instant Pot.
Pour the broth mixture into the pot slowly while scraping the bottom of the pot with a wooden spoon.
Let the broth mixture heat through and return beef to the pot.
Close the lid of the Instant Pot and make sure it is latched. Turn the valve to "seal" and set the pot to cook on high pressure for 70-75 minutes. (Make sure to consult your pressure cooker manual for exact control specifications of your appliance.)
Let it naturally release for 10 minutes and then carefully quick release the pressure.
**Add vegetables into the pot, close the lid and make sure it's latched and valve is turned to "seal." Set to cook on high pressure for 6-8 minutes, depending on the size of baby potatoes.
Discard bay leaves before serving.
If you want to thicken the broth and make gravy: take cooked meat and vegetables out of the pot right away. Turn on "saute" setting and stir cornstarch mixture together with hot broth in the Instant Pot until it thickens.
*NOTE for cooking larger piece of beef: you can cook 3 to 5.5 lb beef chunk in a 6 quart Instant Pot since meat is cooked first without vegetables. You will need to cut larger size beef into 3 or more pieces and you will most likely need to sear some pieces separately. **If you have a smaller piece of meat (3-4 lbs), you can cook the veggies at the end right with the meat. If you use a larger piece of meat (around 5 lbs.), all the vegetables will not fit safely with large piece of beef so you will need to cook the vegetables in the broth without the beef. To do that: cook meat for 75-80 minutes, take cooked beef out of the pot and set it aside. Add vegetables to the pot with all the cooking broth remaining in the pot and cook as instructed, for about 8 minutes.