Set the Instant Pot to ‘Sauté’ mode and heat the olive oil until shimmering.
Add the beef cubes in batches, browning them on all sides for about 3-4 minutes per batch. Remove browned beef and set aside.
Add the diced onion to the pot and sauté for 3 minutes until softened.
Add the minced garlic and cook for 30 seconds until fragrant.
Return the browned beef to the pot. Stir in the tomato paste, Worcestershire sauce, dried thyme, dried rosemary, and bay leaves.
Pour in the beef broth and water, scraping the bottom of the pot to release any browned bits.
Close the Instant Pot lid and set the valve to sealing. Cook on ‘Pressure Cook’ (Manual) high pressure for 25 minutes.
When cooking is complete, allow the pressure to release naturally for 10 minutes, then carefully quick release any remaining pressure.
Open the lid and add the carrots, celery, and potatoes. Stir to combine.
Close the lid again, set the valve to sealing, and cook on ‘Pressure Cook’ high pressure for 8 minutes.
Perform a quick release of the pressure once cooking is done.
Remove the bay leaves and stir in the frozen peas. Season with salt and black pepper to taste.
Let the stew sit for 5 minutes to allow the peas to warm through before serving.