Salt and pepper the chunks of beef. Turn Instant Pot on SAUTE, add oil. Once the oil is hot, add half of the beef to the pot. Brown on both sides, then remove and transfer to a plate. Repeat with remaining beef.
Return all the beef to the Instant Pot. Add beef broth or au jus and water, scraping up browned bits from the bottom of the pan. Add balsamic vinegar, worcestershire, parsley, garlic powder, onion powder, and onions.
Place the lid on and turn the valve to sealing. Select MANUAL (high pressure) mode for 60 minutes.
Once the beef is fully cooked, let the pressure come down naturally for 10 minutes, then manually release the remaining pressure by switching the valve over to venting.
Once the pin has dropped, remove the lid and add the potatoes and carrots to the pot, pushing them down under the meat.
Place the lid back on, turn the valve to sealing and select MANUAL (high pressure) mode for 3 minutes.
When the cook time is over, let the pressure release naturally for 10 minutes, then manually release the remaining pressure by switching the valve over to venting. Once the pin drops, remove the lid and serve.