In a small bowl, mix together salt, pepper, onion powder, and paprika.
Set Instant Pot to Saute, and pour olive oil into the pot. Sprinkle seasoning over both sides of roast, and place into Instant Pot.
Sear on all sides. This usually takes 1-2 minutes per side. Press cancel to turn of the Saute feature.
Pour red wine and Worcestershire sauce over the roast.
Layer the onion, potato, and baby carrots on top of the roast and cover with 1 cup beef broth.
Place the lid onto the Instant Pot and set to seal.
Choose the Meat option and set to 45 minutes.
When the timer is done, allow to natural release pressure. Remove the lid, and serve.
You may reserve the liquid and make a gravy by simply turning the Saute feature back on and adding 1 tablespoon cornstarch to the mix and whisking well until thickened. Adjust salt and pepper to taste as needed.