Season the stew meat with salt, black pepper, garlic powder, and dried thyme.
Place the seasoned meat in the Instant Pot.
Add the quartered onion, beef broth, water, Worcestershire sauce, and bay leaf.
Close the lid, set the valve to sealing position, and cook on High Pressure for 22 minutes.
When the cooking time is complete, do a Quick Release of pressure.
Open the lid and add the diced potatoes, carrots, and tomato paste. Stir to combine.
Close the lid again, set the valve to sealing, and cook on High Pressure for an additional 12 minutes.
Once the second cooking time is complete, allow for a Natural Pressure Release for 5-10 minutes, then carefully do a Quick Release for any remaining pressure.
Open the lid, remove the bay leaf, and stir the stew.
Notes
Pro Tip:
For extra flavor, sear the stew meat in the Instant Pot using the sauté function before adding the broth, seasonings and onion. This will enhance the depth of flavor in your stew.