Add oil to your 6 qt or larger Instant Pot and push "saute".
Once oil is heated, add beef. Saute 5-6 minutes until browned. DRAIN.
Add onion, bell pepper, garlic, and carrots. Saute for 3-4 minutes, until onion is softened.
Add remaining ingredients to the Instant Pot and stir. Push "cancel".
Close lid, and set the valve to "sealing". Press "manual", and set to cook for 5 minutes.
After the 5 minutes is complete, allow the Instant Pot to sit for about 10 minutes with the valve set to "sealing". Once the 10 minutes is complete, change the valve to "venting" and allow all the steam to be released before opening the lid.