Dry the beef well with a paper towel and cut into equally sized cubes. Turn the Instant Pot to "Saute" mode, add the olive oil and allow it to heat up for 1-2 minutes.
Add the beef pieces and brown on all sides for about 10 minutes.
Once the meat is nice and brown, add all of the remaining ingredients to the pot and stir everything together. Lock the lid in place and close the steam vent. Set to Pressure Cook on HIGH for 45 minutes. Once the timer goes off, allow the pressure to release naturally before removing the lid. This step is important to help with the tenderness of the beef and will also make it easier to shred.
After the pin drops, carefully take off the lid and remove the bay leaves. Use your metal tongs to shred the beef and stir the juices. Dinner is served!
Notes
Searing the meat before pressure cooking adds and locks in the flavor of the beef.
Cutting a large cut of meat before sauteing and cooking results in a better texture and even cooking.
If you want crispy edges, spread the beef on a baking sheet and broil in the oven for a few minutes for more texture.
If you don't use the whole can of chipotle peppers, which you probably will not, you can freeze the rest of them for your next batch of shredded beef or another dish.
Always read the instruction manual that comes with your Instant Pot or electric pressure cooker and follow all safety guidelines.