Pat the chuck roast dry with paper towels and season generously on all sides with salt, pepper, garlic powder, and onion powder.
Set your Instant Pot to "Sauté" mode and heat the olive oil. When hot, sear the roast for 4-5 minutes per side until nicely browned. Remove and set aside.
Add the beef broth and red wine to the pot, scraping up any browned bits from the bottom. Stir in the tomato paste and Worcestershire sauce.
Return the roast to the pot and add the onion, garlic, thyme, and bay leaves around it.
Close the lid, set the valve to "Sealing," and cook on high pressure for 60 minutes.
When done, allow a 15-minute natural release, then carefully quick-release any remaining pressure.
Remove the roast and set aside. Add the potatoes and carrots to the pot, close the lid, and cook on high pressure for 4 minutes. Quick-release the pressure.
Transfer the vegetables to a serving platter with the roast. Set the pot to "Sauté" mode and stir in the cornstarch mixture. Cook for 2-3 minutes until the gravy thickens, then remove bay leaves.
Slice the roast against the grain and serve with vegetables and gravy poured over the top.