Add in the stew meat pieces and brown the outside, about 2-3 minutes. You may need to work in batches to brown the meat. Overcrowding will cause the meat to steam, not brown.
Remove the browned stew meat to a plate.
Stir the onions into the now-empty Instant Pot.
Add the paprika and caraway seeds. Cook, stirring constantly, for 30 seconds.
Pour in 1-¾ cups beef broth, and stir to remove any browned bits from the bottom of the pan.
Return the stew meat to the Instant Pot.
Add the canned tomatoes on top. Do not stir.
Cover and lock the lid. Make sure the pressure release valve is set to sealing.
Press manual high pressure and adjust the cooking time to 25 minutes.
When the cooking time has finished, let the pressure release naturally for 20 minutes.
Turn the pressure release valve to venting to release any remaining pressure.
Stir the remaining ¼ cup beef broth and 2-3 tablespoons cornstarch together in a small bowl.
Press cancel and then press sauté.
Stir in the cornstarch mixture.
Cook, stirring regularly, until slightly thickened.
Season with salt and pepper to taste.
Notes
Onions: At first glance, it may seem like there are a lot of onions in this recipe, and there are! The onions cook down and help to season and thicken the sauce.
Paprika: This recipe should be made with a sweet Hungarian paprika.
Beef broth: I recommend using reduced-sodium beef broth.