Season the beef chunks with black pepper, paprika, onion powder, oregano, and garlic powder.
Turn the Instant Pot to Sauté mode and add the oil. Let it heat for about 30 seconds, then add the beef. Sear for 3–4 minutes per side until nicely browned.
Switch the Instant Pot to Pressure Cook (High) for 48 minutes. Add the carrots, potatoes, onions, Worcestershire sauce, and beef broth. Sprinkle the salt over the top. Secure the lid and make sure the vent is set to Sealing.
When the cooking time is up, let the Instant Pot naturally release pressure for 10 minutes. After 10 minutes, carefully turn the vent to Venting and allow the remaining steam to escape until the float valve drops.
In a small bowl, mix the cornstarch and water with a fork until smooth. Stir the "slurry" into the stew to thicken.
Stir in the chopped cilantro and give it a final taste for seasoning. The stew is ready to serve!