If using wine, pour it in and scrape up any browned bits from the bottom of the pot (deglazing). Let the wine reduce slightly for 2 minutes.
Stir in the tomato paste, thyme, rosemary, and bay leaf.
Return the short ribs to the Instant Pot. Pour in the beef broth until the ribs are mostly submerged.
Secure the lid and set the vent to Sealing. Select Manual/Pressure Cook (High Pressure) for 45 minutes.
When the cooking time is complete, allow a Natural Pressure Release (NPR) for at least 15 minutes before carefully switching the valve to Venting to release any remaining pressure.