Pat chuck roast dry and season with salt and freshly ground black pepper all over. Set Instant Pot to Saute and heat oil until shimmering. Brown beef on all sides until a deep brown crust develops, about 7 to 10 minutes. Transfer beef to platter or cutting board.
Add carrots, onions, and potatoes to pot and cook, stirring occasionally, until vegetables begin to brown, about 5 minutes. Add garlic and cook until fragrant, about 30 seconds. Stir in red wine, deglaze pot by scraping up brown bits.
Add beef broth, tomato paste, thyme, bay leaf, 1 teaspoon salt and 1/2 teaspoon freshly ground black pepper and stir to combine. Return beef to pot. Cover and lock Instant Pot. Press Manual or Pressure Cook button and set for 60 minutes. When timer beeps, allow pressure to release naturally until the float valve drops, about 15 minutes. Unlock lid and remove beef and vegetables (discard bay leaf). Keep warm while making gravy.
To make the gravy, pour drippings into a bowl. Allow fat to rise to the top. Skim off fat and reserve 1/4 cup. In a large saucepan over low heat, pour in reserved fat. Whisk in flour and stir until mixture is bubbly. Set aside to cool.
Measure remaining meat juices and add water until it reaches 2 cups liquid. Add mixture to sauce pan, return to medium-high heat and bring to a boil, stirring constantly. Boil until mixture thickens, about 1 minute. Season to taste with salt and pepper. Serve pot roast with vegetables and top with gravy.