Turn on the Instant Pot and select sauté. Once hot add the oil to the pressure cooker and the beef. Cook until beef is browned, approximately 2-3 minutes. Remove beef and set aside.
Add bell peppers, onion, and mushrooms, and cook for a 5-7 minutes or until vegetables are soft. Add garlic and cook an additional minute.
Add the broth & if needed, use a wooden spoon to scrape the bottom of the pressure cooker to remove any bits that stuck to it. Make sure you scrape it well to avoid burning during cooking.
Stir beef back into the pressure cooker along with all the remaining ingredients.
Close lid and seal valve. Set high pressure and cook for 25 minutes. When cook time is done, quick release the pressure.