In your Instant Pot, pour in the olive oil and add the butter. Press the Sauté button, then adjust until the red illuminated lights say MORE.
Generously salt and pepper both sides of the roast.
When the Instant Pot is hot and the butter is melted, place the roast in the Instant Pot and brown on both sides (about 5 minutes each side).
In a small bowl or measuring cup, dissolve the beef bouillon base in hot water.
Remove the roast from the Instant Pot. Sprinkle flour on the bottom of the pot and whisk. Slowly pour in the beef broth, red wine, and tomato paste. Whisk until the mixture thickens, about 30 seconds.
Place the roast back into the pot and cover with rosemary and thyme.
Turn the Instant Pot off and place the lid on the Instant Pot (you may have to wait for it to cool slightly).
Turn the vent to “sealing” and press Manual and set the time to 45 minutes.
When the timer goes off, do a quick release to release the pressure by carefully moving the vent to “venting” and let the steam release. When the steam releases, carefully remove the lid and remove the rosemary and thyme. Then add the potatoes, carrots, and onions.
Put the lid back on, turn the vent to “sealing”. Press Manual and set the time to 10 minutes.
When the timer goes off, quickly release the steam. Carefully remove the lid and scoop out the potatoes, onions, and carrots onto a serving platter. Place the roast on top. Strain and reserve the liquid for serving.