Cut the roast into 3-4 chunks, trimming and discarding excess fat. In a small bowl, combine the salt, pepper, garlic powder, onion powder and paprika. Mix well and rub over all surfaces of beef chunks.
Set Instant Pot to saute. Heat the olive oil and add the pieces of beef to the pot. Cook for 2 minutes/side. Do this in batches, if needed, and transfer to a cutting board.
Add beef stock/broth and Worcestershire and deglaze the pot (scrape bits from the bottom of the pan with a spoon). Add the seared meat to pot. Cover and cook on high pressure (pressure cook setting) for 45 minutes. It will take the pot approximately 15 minutes to build up pressure before it begins cooking. Do a quick release.
Add the carrots, onion pieces and potatoes to the pot and cover. Cook on high pressure (pressure cook setting) for 5 minutes. Do a quick release.
Remove the contents of the pot and place in a serving dish. Cover to keep warm.
Combine the water and cornstarch in a small bowl and mix. Set the pot to saute and bring the liquid to a boil. Whisk in the water-cornstarch mixture and let simmer until thick. Pour the gravy over the roast.