Select Sauté and add the olive oil to the inner pot. Season the roast with the kosher salt and pepper.
Transfer the roast to the pot and sauté until lightly browned, about 2–3 minutes per side, using tongs to turn the roast periodically. Transfer to a plate and set aside.
Add the onion, garlic, and thyme to the pot, and sauté for an additional 3 minutes. Add the beef broth and tomato paste. Using a wooden spoon, mix the ingredients well and scrape any browned bits from the bottom of the pot.
Transfer the roast back to the pot. Add the carrots, potatoes, and bay leaf.
Cover, lock the lid, and flip the steam release handle to the sealing position. Select Pressure Cook (High) and set the cook time for 50 minutes. When the cook time is complete, allow the pressure to release naturally (about 20 minutes).
Open the lid, discard the bay leaf, and transfer the roast and vegetables to a large serving platter. Serve warm.