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Trim excess fat off the beef. Cut into 3-4 large chunks.
Combine the dry rub ingredients in a small bowl, then coat the beef chunks with the rub.
Turn the Instant Pot to SAUTE and add oil. Once hot, add beef and sear until browned on all sides, about 5-10 minutes. (Depending on the size of your IP, you may need to work in batches, so you don’t overcrowd the pot.) Set beef aside on a plate.
Add the onions to the pot and cook for 2-3 minutes, until softened. Add the garlic and cook 30 seconds longer. Add the tomato paste and cook for 1 minute. Add the red wine, broth, and Worcestershire sauce and scrape any browned bits off the bottom of the pot.
Return the beef to the pot, then top with the potatoes. Don’t stir.
Place lid on pot and set to seal. Cook on manual HIGH pressure for 45 minutes. Once the time is up, quick release the pressure (this takes about 5 minutes).
Add carrots. Place lid on pot and set to seal. Cook on manual HIGH pressure for 4 minutes. Once the time is up, quick release the pressure.
Remove beef and veggies from Instant Pot and arrange on a serving platter. Add the cornstarch slurry to the liquid left in the Instant Pot. Press SAUTE and cook for 2-3 minutes, until thickened.