Select the 'Saute' option on the Instant Pot and add 1 tablespoon of olive oil.
While the pot is heating, season the beef pieces with the garlic powder, as well as salt and pepper (both to taste).
Once the oil is heated, add the beef to sauté. You will need to work in two batches. Sear for 3-4 minutes and flip to sear the other side for an additional 3-4 minutes.
Remove the beef to a plate and set aside.
If needed, add 1 extra tablespoon of olive oil to the pot to warm. Add the diced onions, shredded carrots, and minced garlic. Sauté 3-4 minutes or until the onions are translucent.
Pour in the beef broth to deglaze the pot. Using a wooden spoon, scrap or rub along the bottom of the pot to remove any and all brown bits. This will help to prevent the pot from shutting off to a 'Burn' notification.
Add the beef back to the pot (with the juices), along with the tomatoes, tomato paste, and seasonings. Stir well to incorporate. Place the bay leaves on top.
Place the lid on, close, and set the valve to the sealed position.
Select the 'Meat/Stew' option for the 35 minutes. It will take 9-10 minutes for the pot to come to pressure before the timer starts.
Once the timer goes off after cooking, allow for a 10 minute natural release, followed by a safe quick release to remove any pressure still remaining in the pot.
During the last 15 minutes (5 of cooking, 10 of natural release), cook the pappardelle according to the package directions.
Remove bay leaves and discard. Remove the beef to a plate and shred with two forks. Hit 'Cancel' on the pot and then the 'Saute' button. Stir the sauce and add in the cooked pappardelle.
Allow the pasta to cook in the sauce for 2-3 minutes, stirring, until the sauce has thickened. Add the shredded beef back to the pot to re-warm, stirring gently.
Serve garnished with freshly grated parmesan cheese and freshly chopped parsley.