For the Beef Braise: Season the beef with salt and pepper. Press Sauté on the Instant Pot, High heat. Once HOT, add the olive oil. Brown the meat on all sides. Transfer to a plate.
Toggle Sauté button to Normal heat. Deglaze the pot by putting in all the ingredients for the wine reduction and scraping the bottom of the pot. Let the liquid simmer until reduced for 50 minutes.
Add the second set of onions, carrots, garlic, thyme and parsley to the wine reduction then add bay leaves, thyme and beef stock.
Place the trivet on top of the vegetables and place the browned beef on it.
Close the lid and press Pressure Cook on High for 40 minutes.
Quick release pressure. Remove the trivet with the meat. Strain the wine reduction. If there is a lot more liquid than necessary, return to the pot and reduce through Sauté function.
Serve the beef on top of mashed potatoes or polenta and with the red wine sauce.