Place the stainless steel inner pot inside the Instant Pot®. Press Saute and set time to 10 Minutes. Sear the meat in 1 tbsp olive oil, season with salt and pepper, and set aside.
Add 1 tbsp olive oil and sauté the onion, cilantro, carrots, garlic, and pepper packets for 10 more Minutes. Add more salt and pepper.
Put the meat back in and add the red wine and water.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Venting. Press Slow Cook and set time to 4 Hours.