Season stew meat generously with kosher salt and pepper.
Hit the SAUTE function on the pressure cooker. You’ll need about 15 minutes. Once hot, add some oil and sear meat until browned. Do this in batches, adding more oil if needed. Set meat aside on a plate.
Add chopped onions, tomatoes, garlic, and jalapenos, chili powder, cumin, and dried oregano to the pot. Continue to saute until vegetables are tender, about 5 minutes.
Press CANCEL. Add browned stew meat back into pot. Add broth, tomato sauce, Worcestershire sauce, potatoes, and bay leaf, and give it a stir to combine.
Close and lock lid. Pressure cook on HIGH for 35 minutes. (It will take about 15 minutes for the instant pot to come to pressure).
When the cooking cycle ends, let pressure release naturally for 15 minutes, then use the steam release valve to release remaining pressure. Remove the lid.
Mix water and cornstarch to create the slurry. Be sure there aren’t any lumps.
Set pressure cooker to SAUTE and let stew come to a simmer. Slowly add slurry to stew, stirring constantly with a whisk. Let simmer until thickened, one or two minutes.
Remove bay leaf before serving.