INSTANT POT: Place 1 cup of beef broth in the Instant Pot. Next, add the thinly sliced carrots, sliced celery, fire-roasted diced tomatoes, potatoes, and tomato paste.
BEEF PREP: Cut the beef chuck roast into 1-2-inch bite-sized cubes (removing any large, tough pieces of fat or gristle.) Season all sides to taste with salt and pepper (I use about 1 teaspoon of each).
BEEF: Heat a large cast iron skillet on high. (See Note 1). Add in 1 tablespoon olive oil. Once the pan is hot, add the cubed beef (it should sizzle as soon as it hits the skillet). Sear beef for about 2 minutes on each side (to get a nice sear, don't stir the beef around. Leave it in one spot and then, using tongs, flip it to the other side after about 2 minutes). Add the beef pieces to skillet in 2-3 batches so you don't overcrowd the beef and get a nice sear. Remove the beef with a slotted spoon into a bowl. Add 1 more tablespoon oil only if needed. Add the seared beef and any accumulated juices to the Instant Pot.
GRAVY: Do not wash out the skillet. Let slightly cool and then add the remaining 1 tablespoon of oil. Reduce heat to medium low. Add in the diced onions and cook for 3-4 minutes, scraping up the browned bits in the skillet as you stir the onions. Stir in the garlic and cook for another 30 seconds. Add in the butter and allow to melt (reduce heat to low as needed, if anything is getting too hot). While whisking constantly, add in the flour and, whisking constantly, cook for one minute to get rid of the raw flour taste. Pour in one cup of beef broth gradually, while whisking constantly. Simmer over low heat, stirring constantly, until a thick paste forms, about 1-3 minutes. Make sure to scrape the bottom of the skillet as well. Gradually add in the remaining 1 and 1/2 cups of the beef stock and bring to a simmer. Whisk until smooth and thickened, another 2-4 minutes. If you'd like to use red wine in place of some of the beef broth, see Note 3.)
COOK: Pour the gravy into the Instant Pot. Add in the beef bouillon cube (crumble it up and add it in), paprika, dried parsley, sprigs of fresh thyme or dried thyme, bay leaves, and Worcestershire sauce. Give everything a good stir. Make sure the beef is submerged in liquid as much as possible, pressing below other ingredients as needed (this will keep it nice and tender). Pour the remaining 1/2 cup stock in the instant pot. Close and seal the instant pot. Cook on high pressure for 40 minutes, then allow the pressure to release naturally for 15 minutes (don't touch anything for 15 minutes). Vent to release any remaining pressure, then carefully open the lid. Remove and discard the bay leaves. Stir in the frozen peas.
FINISH: Taste the stew and add additional seasonings if needed (salt, pepper, or a pinch of sugar goes a long way). Serve the stew in bowls and enjoy with crusty bread and fresh herbs if desired.