Season both sides of the chuck roast with salt and pepper.
Turn on the saute/browning function in your Instant Pot and add two tablespoons of olive oil. Use the 'adjust' button to turn it to the 'medium' saute setting.
Brown the chuck roast on both sides, then remove and set aside.
Add the beef broth and fully deglaze the pot to prevent a 'burn' warning.
Add the garlic, thyme, bay leaves, onions, and carrots.
Place the browned chuck roast on top of the vegetables, lock the lid, turn the steam release vent to 'sealing,' and using the manual setting, adjust it to cook for 47-50 minutes at high pressure.
When the cook time is up, allow the unit to reduce pressure on its own (Natural Release) for at least 12 minutes, then open the steam release vent and open the lid. If the meat is not tender, pressure cook it for a little longer.