Heat oil in the instant pot using the SAUTE setting.
Add the chuck roast cubes, and sear them from all sides working in batches if needed.
Remove the beef onto a plate, and set aside.
Deglaze the pot by adding the liquid of the pepperoncini peppers and the beef broth, scraping off any bits stuck to the bottom of the pot.
Add the beef back to the pot, sprinkle with ranch seasoning, onion soup mix, and add the pepperoncini peppers. Give everything a good stir.
Arrange the butter over the beef (cut the butter into 2-3 pieces).
Secure the lid and set the vent to SEALING. Select the PRESSURE COOK/MANUAL setting and set the cooking time for 60 minutes at high pressure. The Instant Pot will take around 7-8 minutes to come to pressure and start cooking. When the cooking program ends, do a natural release for 15 minutes then release the rest of the steam.
Carefully remove the lid, and take the beef out to shred. Shred with 2 forks.
Meanwhile thicken the sauce. Mix the cornstarch with a little liquid from the instant pot, then stir it in the sauce. Stir until the sauce has thickened, add the shredded beef back in and stir so it’s coated in the sauce.
Serve with creamy mashed potatoes, and extra sauce on the side.