Stir onion and bell pepper into the pot, and cook until soft, about 3-4 minutes.
Add the garlic, oregano, cumin, paprika, and cayenne pepper, and cook for 30 seconds.
Deglaze the pot with the wine, scraping up any browned bits from the bottom of the pot.
Press CANCEL.
Add the tomatoes with their juice, browned beef, and bay leaf back to the inner pot.
Close and lock the lid in place.
Turn the pressure release valve to SEALING.
Select MANUAL and adjust time to 45 minutes and pressure to HIGH.
Once the cooking time finishes, carefully turn the pressure release valve to VENTING to release pressure.
Remove the lid and discard the bay leaf.
Shred the meat, and stir in the olives.
Notes
Chuck roast: Traditionally, flank steak is used in ropa vieja, but chuck roast or rump roast works better in the Instant Pot version. If you want to use flank steak, add an additional 1-2 tablespoons of oil to the recipe.
Oil: Oils like vegetable or sunflower work well.
Wine: If you don't want to use white wine, beef or chicken broth makes a good substitute.