Press the Saute button on the instant pot.
Add 2 tablespoon olive oil.
Cut the beef into large pieces. This will make searing the beef easier.
Season the beef with salt and pepper.
Sear the beef on all sides.
Remove the beef from the instant pot.
Strain the chile sauce into the instant pot.
Discard any remaining bits of chile.
Add the bay leaves, beef bouillon, and 2 cups of water.
Using a spatula, scrape the bottom of the pot. This will release anything stuck at the bottom of the instant pot.
Return the beef to the pot.
Place the lid on the instant pot.
Move the valve to SEALING.
Press PRESSURE COOK.
Set time for 45 minutes.
Once the buzzer beeps, carefully move the valve to VENTING.
After it’s done venting, remove the beef.
Shred the beef.