Press the Saute button on the Instant Pot.
Add the olive oil.
Heat for 2 minutes.
Meanwhile, chop up beef into large pieces and season with salt and pepper.
Sear on all sides.
Remove the beef from the instant pot.
Place a strainer over the instant pot and strain the chile sauce.
Add the bay leaf, bouillon, and 2 cups water.
Stir to combine and return the beef to the pot.
Place the lid on the instant pot.
Move the valve to Sealing.
Press the Pressure Cook button.
Set time to 45 minutes.
Once the cycle is complete, move the valve to Venting.
Remove the beef from the pot and chop it up.
Reserve the broth for later. That is the consome to be served with the burritos.