Place instant pot on saute mode. Add in olive oil, stew beef and onion. Saute until meat is lightly browned on the outside.
Turn off saute mode. Add in carrots, diced celery, and diced potatoes. Pour in beef broth. Pour in water. Add in salt, pepper, garlic, and bay leaves. Stir well.
Place lid on instant pot. Set valve to sealed position. Set high pressure or manual to 40 minutes. After the instant pot stops counting release pressure. Serve!
Notes
If you are using a roast, be sure to cut into one inch cubes.