Set Instant Pot to saute and heat olive oil.
Salt and pepper both sides of chuck roast.
Carefully place chuck roast into instant pot (the oil can splatter) and let brown for 1 minute. Flip and brown on the other side.
Remove roast and set aside.
Pour in the broth and deglaze the bottom of the pot (scrape up the brown bits with a wooden spoon).
Whisk in the cream of mushroom soup and onion soup mix. Turn Instant Pot off.
Add in the red potatoes and baby carrots, turning to coat in the liquid.
Place the browned chuck roast on top of the potatoes and carrots.
Close lid and set to sealing.
Cook on manual - high pressure for 70 minutes.
Natural Pressure Release.