Pat both sides of roast dry with paper towels. Generously grind black pepper on both sides.
Set Instant Pot to the SAUTE setting. Once ready, pour in the olive oil. and saute/brown both sides of the roast for about 5 minutes on each side. CANCEL the SAUTE function.
Sprinkle ranch seasoning over the top of the roast.
Place butter on top then sprinkle on the peppers.
Pour 1 cup of beef broth in pot around the roast, then the remainder on top of it.
On top of the roast, distribute peeled carrots and potatoes(unpeeled).
Lock the lid in place and set to PRESSURE COOK/ Beef for 45 minutes.
"Natural Release" for 20 minutes, then vent.
Remove veggies followed by pieces of the beef. Shred beef and remove fat from the cooked beef.