Set the Instant Pot to the 'Sauté' mode and add olive oil. Once hot, add the beef chunks and sear on all sides until browned. Remove the beef and set aside.
In the same pot, add the chopped onion and sauté for about 2-3 minutes until softened. Add the minced garlic and cook for another minute until fragrant.
Stir in the chopped chipotle peppers, cumin, oregano, smoked paprika, bay leaves, beef broth, and lime juice. Scrape the bottom of the pot to deglaze any browned bits.
Return the seared beef to the pot. Close the lid of the Instant Pot, set the valve to 'Sealing', and cook on 'High Pressure' for 60 minutes.
Once the cooking time is done, let the pressure release naturally for 15 minutes before switching the valve to 'Venting' to release any remaining pressure. Carefully open the lid.
Remove the beef chunks and place them on a cutting board. Using two forks or meat shredders, shred the meat into bite-sized pieces.
Return the shredded beef to the pot and mix with the sauce. Taste and season with salt and pepper as needed. Allow it to heat through for a few minutes.
Warm corn tortillas on a griddle or open flame. Spoon the beef barbacoa onto tortillas and top with fresh cilantro and any desired toppings.
Notes
Serve with lime wedges, diced onions, and fresh cilantro for an interactive dining experience.