Pat the beef cubes dry with a paper towel and season generously with salt and pepper.
Turn the Instant Pot to “Sauté” and add olive oil. Brown the beef cubes in batches about 3-4 minutes per batch, then remove and set aside.
Add diced onion to the pot and sauté until translucent, about 3 minutes. Add minced garlic and cook for 30 seconds until fragrant.
Add tomato paste and stir with onions and garlic for about 1 minute. Pour in beef broth and Worcestershire sauce, scraping browned bits from the pot.
Return beef to the pot and add carrots, celery, potatoes, thyme, rosemary, and bay leaves. Stir to combine.
Seal the Instant Pot lid, set valve to “Sealing,” select “Manual” or “Pressure Cook” and cook on high pressure for 35 minutes.
Allow natural pressure release for 10 minutes, then quick release remaining pressure. Remove bay leaves. If desired, stir in cornstarch slurry and sauté until thickened.
Stir in frozen peas and warm for a couple of minutes. Adjust seasoning with salt and pepper. Serve hot.