Set Instant Pot to saute. Wait for it to heat up (it will say "hot").
Season meat on both sides with salt and pepper. Add a little oil to the pot and sear meat for 10 minutes per side.
Hit cancel button.
Add 1 1/2 cups water to pot, along with the remaining ingredients. Set to manual pressure for 60 minutes. When time is up, release pressure naturally for 20 minutes.
If you have a 3 lb. roast, cook for 75 minutes. You don't need to change anything else.
If you would like, you can make a gravy from the broth. Remove the roast and put on a platter. Set the Instant Pot to saute. Combine a couple tablespoons of cornstarch or potato starch with enough water to make a thin paste. Drizzle it into the broth as you whisk continuously, until thickened.