Turn instant pot on sauté mode. Heat oil and sauté onion, garlic and 2 carrots either shredded or cut into small cubes, until soften and fragrant (3-4 minutes)
Add tomato paste and season with salt, pepper and thyme (1 minute)
Add beef and sauté until browned and coated with flavorful base (2-3 minutes)
In a small bowl or measuring cup whisk flour and 1 cup of hot broth until flour is no longer lumpy. Mixture should be thick and uniform.
Add flour mixture to the pot and remaining 3 cups of broth. Give it a good stir.
Add remaining carrots and potatoes. Add bay leaves and close the pot, turning valve to lock positon.
Cancel sauté mode and cook on HP for 55 minutes. When done allow for 10 minutes of NPR then release remaining pressure.
Open the pot and remove bay leaves. Garnish with fresh parsley, cilantro or thyme.