Set the Instant Pot to the 'Sauté' function and add olive oil. Once hot, add the beef cubes in batches, browning them on all sides. Remove the browned beef and set it aside.
In the same pot, add the chopped onion and cook until translucent (about 3-4 minutes). Stir in the minced garlic and cook for an additional minute until fragrant.
Add the browned beef back into the pot along with carrots, potatoes, thyme, rosemary, paprika, and salt and pepper to taste. Stir in the tomato paste, ensuring everything is well coated.
Pour in the beef broth, making sure to scrap any bits stuck to the bottom of the pot to avoid the burn notice.
Close the Instant Pot lid and set it to 'Manual' or 'Pressure Cook' on high for 35 minutes. Ensure the pressure valve is set to sealing.
Once the cooking time is complete, allow the stew to natural release pressure for 10 minutes, then do a quick release for any remaining pressure.
Stir in the frozen peas. If you prefer a thicker stew, mix cornstarch with a little cold water to create a slurry, then stir it into the stew, allowing it to simmer on 'Sauté' for a few minutes until thickened.
Taste and adjust seasoning if necessary. Ladle the stew into bowls and garnish with fresh chopped parsley.
Notes
Optional cornstarch can be used for thickening the stew.