Season beef pieces with salt and pepper.
Select the high saute function on your pressure cooker. Pour olive oil into the insert of your pressure cooker. Allow olive oil to heat.
Brown ½ of the meat on all sides (stirring occasionally). Remove meat with a pair of tongs or a slotted spoon and transfer to a large plate. Repeat with the second ½¾ of the meat and transfer to the plate. Leave any drippings in the pot.
Add onion, celery and garlic to your pressure cooker and cook for approximately 3 minutes, or until softened (stirring often).
Add beef broth, browning sauce, tomato paste, brown sugar, Italian seasoning, oregano and bay leaves. Stir to combine, while scraping up any bits off the bottom of the pot. Turn off your pressure cooker.
Add browned beef pieces (with any juices), carrots and potatoes to the pot.
Place the lid on the pressure cooker and lock. Steam release knob should be set on "sealing". Cook on manual setting (high pressure) for 25 minutes. Allow pressure to release naturally for 10 minutes. Quick release remaining pressure and carefully remove lid.
Whisk together cornstarch and water in a small bowl or large measuring cup until smooth. Turn off Instant Pot and then turn on the saute (high) function. Add cornstarch mixture and peas. Stir to combine. Cook an additional 3 to 4 minutes (stirring often) or until broth is thickened and peas are warmed.
Remove and discard bay leaves. Season with salt and pepper, if desired.
Garnish with chopped fresh parsley when serving, if desired.