Set instant pot to the Sauté function and add olive oil.
Dry beef roast with paper towels and season both sides of the chuck roast with salt and pepper. If needed, cut the roast in half.
Once the pot is hot, add the beef and sear on both sides, about 3 minutes each side. Remove beef to clean plate.
Turn off the instant pot and add the minced garlic and tomato paste. Sauté for about a minute until the garlic is fragrant.
Stir in the Worcestershire sauce and beef broth, scraping all the browned bits off the bottom of the pot.
Gently place beef back into the instant pot and sprinkle the top with dried thyme, dried parsley and onion soup mix. Secure the instant pot lid on and set the pressure valve to sealing position. Set instant pot on manual high pressure for 70 minutes.
When the cook time ends, let the instant pot do a 10 minute natural pressure release. Then carefully do a quick release.
Once the pin has dropped, carefully remove the lid and add the chopped carrots and baby potatoes on top of the roast.
Replace lid on pot, set valve to sealing and set it at high pressure for 6 minutes. When the 6 minutes ends, carefully do a quick release.
After the pin has dropped, remove the lid and gently remove the carrots and potatoes to a bowl and the beef to a large plate. Leave all the cooking liquid and juices in the pot.
Set the instant pot to Sauté. Whisk together the cornstarch and water to make a cornstarch slurry. Add the slurry to the juices in the pot and whisk well. Let it cook, whisking often, until the gravy has thickened. Turn instant pot off once thickened.
Shred the pot roast with two forks and serve with veggies and gravy.