Add all the ingredients, except beef and bay leaves to a blender and puree until the mixture is smooth.
Add the beef chunks to the Instant Pot, If you have time, for extra flavor, you can saute them for a few minutes.
Pour the pureed mixture on top of the beef and add the bay leaves.
Lock the lid and point valve to sealed/
Cook for about 40 minutes on HIGH PRESSURE, followed by a 15 minutes Natural Pressure Release. The beef should be very tender and fall apart when shredded with a fork. If needed cook for 10-15 minutes more.
When done, remove the bay leaves and discard.
Shred the meat using two forks into the cooking juices. Let the beef absorb some of the juices for about 30 more minutes before serving.