Set the “Sauté” setting on the Instant Pot. Heat 1 tbsp olive oil, wait until it's hot, then add 1 tbsp minced garlic and 2 oz finely diced yellow onion. Quickly sauté for 1 minute, stirring often.
Add 4 oz diced red bell peppers and sauté for 2 minutes until softened.
Add 20 oz beef chuck to the pot with the spice blend of 1/2 tsp salt, 1/2 tsp ground black pepper, 1 tsp oregano, 1/2 tsp ground cumin, 1/4 tsp ground turmeric, 1/2 tsp smoked paprika, 0.25 oz capers, 0.5 oz raisins, 2 tsp lime juice, and 1/4 cup homemade tomato sauce. Lightly sear the beef (but don't cook them all the way through) for 2 minutes. Transfer the beef to a plate and set it aside.
Add 1 fl oz red wine.
Stir in 2 tbsp all-purpose flour and 1 tbsp wine vinegar. Cook for 1 minute until they slightly reduce in volume.
Add 1 1/2 cups unsalted chicken broth and 1 bay leaf, stirring constantly.
Close the lid, set the valve to the sealing position, and cook on the “Meat/Stew” setting for 35 minutes. Quick-release the pressure.
Transfer the beef to a separate bowl and start shredding it with two forks.
Add 2.5 oz green olives and return the pulled beef to the pot. Cook on “Sauté” for 10 more minutes.
Portion out ropa vieja onto serving plates with 3 cups cooked medium-grain white rice. Garnish with 2 tbsp chopped parsley and serve hot.