Press the Pressure Cook - HIGH setting on the Instant Pot so the pot begins to heat up while you prepare the roast.
Massage the olive oil into the roast, then the garlic, black pepper and salt. Make sure the entire roast is covered.
Add the metal trivet to the inside of the metal pot of the Instant Pot. Pour the beef broth in, then add the bay leaves. Toss the carrots in and place the potatoes on the outside edges of the metal trivet.
Set the beef round roast on top of the metal trivet. Set the timer to 18 minutes. Secure lid and make sure the sealing valve is sealed.
Once cooking completes, let pressure release naturally for 30 minutes.
When the time completes, carefully remove roast and let rest for 10 minutes.
While roast is resting, remove carrots and place them in a bowl. Do the same with the potatoes. Remove broth and save for a gravy or sauce. If you want to make a mashed potato, you can do so now.
Slice roast and serve with carrots and desired potato.
Store roast in the fridge for up to 5 days or freeze (in broth) for up to 3 months.