Pat dry the beef cubes with paper towels and cut any extra fat if necessary.
Turn on the Instant Pot and select "sauté' mode, adjust to more. When hot, add the oil. In batches in single layers, sear the beef for 3 to 5 minutes, turning to brown on all sides.
Add onion powder, garlic powder, oregano, thyme, salt and pepper; mix to combine.
Add the wine, deglaze the pot using a wooden utensil with a flat head to scrape all of the stuck bits of chops off of the bottom of the pot. Let the wine reduce for 5 minutes. Add water and beef bouillon, tomato paste and bay leaf; mix to combine. Secure lid and close pressure-release valve.
Select Meat/Stew adjust the time to 30 minutes. When the time is over, let the pressure release on its own for 5 minutes. Then, carefully turn the valve to "Venting," to release any extra pressure that might still be in there. Then remove the lid. Press "cancel".
Remove bay leave and discard.
Mix cornstarch and water until well combine and no lumps.
Select "sauté' mode, adjust to normal. Add cornstarch mixture. Simmer for 2-3 minutes, or until the sauce thickens.
Sprinkle with chopped parsley, if desired, and serve hot with mashed potatoes, rice, or polenta.