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Season both sides of the chuck roast with salt and pepper.
Turn on the saute/browning function in your Instant Pot or other electric pressure cooker and add two tablespoons of olive oil. Use the 'adjust' button to turn it to the 'medium' saute setting.
Brown the chuck roast on both sides, then remove and set aside.
Add the beef broth and fully deglaze the pot, if you fail to do this properly the 'burn' warning may come on when you pressure cook the meat.
Add the garlic, thyme, bay leaves, onions, carrots, and celery. (note- these vegetables are simply to add flavor to the gravy, they will be too soft to eat, see directions below for cooking additional vegetables and potatoes to serve)
Place the browned chuck roast on top of the vegetables, lock the lid, turn the steam release vent to 'sealing' and using the manual setting, adjust it to cook for 47 - 50 minutes at high pressure. Please read recipe notes for specific details on cook time.
When the cook time time is up, allow the unit to reduce pressure on its own without opening the steam release vent (Natural Release) for at least 12 minutes, then open the steam release vent and open the lid. If the meat is not tender put the lid back on and pressure cook it for a little longer.
Remove the meat and cover with foil and strain the vegetables and herbs from the cooking liquid, add the liquid back to the pot.
Cut carrots into large chunks, do not cut up the baby potatoes.
Add baby potatoes and carrot pieces to a steamer basket and cook on high pressure for 4 minutes. You can then quickly release the pressure and open the lid as soon as the cook time is up.
Ensure that the cooking liquid is strained of all vegetables and herbs.
Add two tablespoons of cornstarch to two tablespoons of cold water. For Paleo use arrowroot or tapioca starch, for low carb omit starch completely.
Add half of your starch mixture to the cooking juices, then turn on the saute function, stir continuously until your pot roast gravy begins to thicken. If you need it thicker simply add the remaining starch mixture and stir as before.