Sprinkle salt and pepper evenly over the stew beef and mix well. Set the Instant Pot to “Sauté” mode and heat 2 tablespoons of olive oil.
Once the oil is hot, brown the beef in two batches. Cook each batch for 5-7 minutes, turning occasionally. Add 1 tablespoon of olive oil before browning the second batch. Do not wipe the pot after browning the beef—those browned bits add tons of flavor!
Still on “Sauté” mode, add onions, carrots, garlic, celery, mushrooms, thyme, Worcestershire sauce, and bay leaves. Cook for about 5 minutes, stirring often to scrape up the browned bits from the bottom.
Return the beef to the pot, then add the chicken broth, crushed tomatoes, new potatoes, green beans, and peas. Stir well to combine.
Secure the lid and set the Instant Pot to high pressure for 10 minutes.
When the timer beeps, allow the pressure to release naturally for about 25 minutes.
Remove the thyme sprigs and bay leaves, give the soup a good stir, and serve hot. Enjoy!