The smoky goodness of ancho chile powder gives this beef stew plenty of flavor. Of course, the Instant Pot ensures the beef is fall-apart tender and the carrots are perfectly cooked.
In a small bowl, combine ancho chile powder and cumin. Add beef to a large bowl, season with salt, pepper; add the ancho chile powder/cumin mixture. Toss the beef until evenly coated.
Add about 3 Tbsp. of the olive oil to the inner cooking pot of the Instant Pot. Set to sauté (high or more, depending on the model you're using). When pot and oil are hot, add about half of the beef in a single layer, don't crowd. Let beef chunks cook for 4-5 minutes before turning. When beef is browned on both sides, remove to a plate. Repeat with remaining beef chunks; remove to plate when done.
Add remaining tablespoon of oil to the pot. Add onion and cook until softened, about 3 - 5 minutes, scraping up any browned bits from the bottom of the pot with a wooden spoon. Stir in the minced garlic; cook about 1 minute, just until it starts to soften. Don't brown. Add the tomato paste to the onion and garlic; stir to coat. Cook about 1 minute.
Add the Rotel tomatoes & green chilies, carrots, cooked beef chunks, and any juices on the plate. Add 1 cup of water, stir to combine. Lock the Instant Pot lid, (make sure the steam valve is set to the "seal" position.
Set Instant Pot to pressure cook on high (or more, depending on model) for 30 minutes. When the 30 minutes are up, use quick release to vent the Instant Pot. Unlock lid and remove from base, being careful to open away from you as there may be some residual steam left in pot.
Serve over noodles or mashed potatoes. Garnish with chopped parsley, if desired.