Select the sauté function on the Instant Pot and allow the insert to become hot. Pour in 1 tablespoon of the olive oil.

Add the diced yellow onion and chopped carrots. Cook for several minutes, stirring continuously, until the vegetables begin to soften.

Transfer the vegetables to a plate and reserve them for later.

Blot the beef short ribs thoroughly with paper towels to remove excess surface moisture.

Season every side of the ribs with salt and freshly ground black pepper. Lightly dredge each piece in the all-purpose flour, making sure all surfaces are evenly coated.

Add the remaining 2 tablespoons of olive oil to the Instant Pot. Once the oil is hot, arrange the ribs in the pot and sear them until browned on every side. Work in batches if necessary to avoid overcrowding.

Transfer the browned short ribs to a plate. Take sufficient time during the browning process, as a well-developed sear contributes significantly to the final flavor.

Pour the dry red wine into the hot Instant Pot.

Using a wooden spoon, thoroughly scrape the bottom of the insert to loosen and incorporate the browned bits left behind from searing the beef.

Bring the wine to a boil and cook it for approximately 2 minutes, allowing some of the alcohol to evaporate while the flavor becomes more concentrated.

Add the low-sodium beef broth and tomato paste to the pot, along with an additional small amount of salt and ground black pepper. Stir until the tomato paste is incorporated into the liquid.

Return the browned short ribs and the reserved sautéed onion and carrots to the Instant Pot.

Lay the fresh rosemary and thyme sprigs over the contents of the pot.

Lock the lid securely in place and cook on Manual or High Pressure for 45 minutes.

When the cooking cycle finishes, allow the pressure to release naturally for 15 minutes before opening the Instant Pot.

Carefully transfer the tender short ribs to a plate and cover them to retain their heat.

Switch the Instant Pot back to the sauté setting.

In a small bowl, stir together the cornstarch and water until completely smooth. Gradually whisk the slurry into the cooking liquid.

Let the sauce simmer, stirring frequently, until it reaches the desired gravy-like consistency.

Serve the braised short ribs with the thickened sauce spooned generously over the top. Mashed potatoes or another preferred side dish may be served alongside.