Turn the Instant Pot to saute mode. Season the roast generously all over with salt and pepper.
Add the olive oil to the pot, then place the meat in the pot. Cook for 4-5 minutes per side or until browned.
Remove the meat from the pot and cover to keep warm.
Add the onion to the pot and cook for 4-5 minutes or until tender. Add the garlic and cook for 30 seconds.
Season the vegetables with salt and pepper to taste.
Pour the wine into the pot; let it simmer for 2-3 minutes.
Add the beef broth, tomato paste, Worcestershire sauce, Italian seasoning, bay leaf and smoked paprika to the pot. Stir to combine.
Place the roast back into the pot. Seal the pot, then set it to manual high pressure for 45 minutes.
Manually release the pressure, then add the carrots and potatoes to the pot, along with salt and pepper to taste.
Seal the pot again, then set it to manual high pressure for 15 minutes more.
Let the pressure release naturally for 10 minutes, then manually release the pressure.
Remove the meat and vegetables from the pot and arrange on a platter. Shred the meat with two forks.
Discard the bay leaf from the pot, then turn the pot to saute mode and bring the liquid to a simmer.
Whisk together the corn starch with 3 tablespoons of cold water. Add the corn starch mixture to the Instant Pot. Bring to a boil and cook for 1 minute or until gravy has just thickened.
Pour the gravy over the meat and vegetables. Sprinkle with parsley, then serve.