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Turn on a multi-functional pressure cooker (such as Instant Pot) and select Saute function. Pour in oil. Cook onions and garlic in the hot oil until soft and translucent, about 5 minutes. Pour in wine and continue sauteing until wine has reduced by half, 4 to 5 minutes.
Add beef broth, thyme, parsley, oregano, bay leaf, salt, and pepper; stir to combine. Mix in tomato paste. Place frozen meat into the pot and add carrots, potatoes, and celery. Close and lock the lid. Select Meat/Stew function and set timer for 45 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, about 10 minutes. Carefully move the vent to release the remainder of the pressure, about 5 minutes. Unlock and remove the lid.
Mix water and cornstarch together in a small bowl and pour slowly into the pot. Press the Saute button and cook stew until slightly thickened, about 3 minutes.