Turn on a multi-functional pressure cooker (such as Instant Pot(R)) and select Sauté function. Heat oil and add ground beef, onion, garlic, salt, and pepper. Cook until ground beef has browned and onions are soft and translucent, about 5 minutes. Stir in tomato paste, Worcestershire sauce, and thyme. Pour in beef broth and add frozen peas and carrots. Stir until everything is well blended and turn off Sauté function.