Set the Instant Pot to sauté and add the oil. Brown the meat on both sides, then set aside. Sauté the onion and peppers for about 5 minutes. Stir in the garlic, oregano, paprika, ground cumin, and bay leaf and switch off the heat.
Deglaze the bottom of the Instant Pot insert with the white wine, then stir in tomato sauce and beef broth before returning the beef to the pot.
Seal and cook at high pressure for 37 minutes. When done, allow for a natural pressure release.
Remove the beef and shred with a fork before returning it to the Instant Pot and adding the olives and lime juice.
Adjust seasonings as needed and serve.
Notes
Note that the cooking time listed does not include time for the Instant Pot to come up to pressure or for the pressure to release.
Instead of white wine, you can use white wine vinegar, apple cider vinegar, or lemon juice to deglaze the instant pot insert.
My favorite way to serve this is with rice and fried plantains. Cabbage slaw, black beans, and sliced avocado are also great choices.
Serve the leftovers on a roll for a delicious Cuban-style sandwich.