Generously season both sides of the chuck roast with ground black pepper. Make sure the seasoning is evenly distributed to enhance the flavor of the meat throughout cooking.
Set the Instant Pot to 'Sauté' mode. Once hot, add olive oil to the pot. Sear the seasoned chuck roast for about 3 minutes per side until golden brown. This step helps develop a rich, savory crust on the beef. If you choose to skip searing for convenience, simply add an extra 2-3 minutes to the pressure cooking time. Remove the seared roast and set aside.
Add the diced yellow onion to the still-hot pot and sauté for about 2 minutes, stirring occasionally, until the onion is tender. Pour in the beef broth and use a wooden spoon to scrape up any browned bits from the bottom of the pot; this step helps prevent the 'burn' warning during pressure cooking and adds depth to the flavor. I like to spend an extra minute deglazing to ensure the gravy will be extra tasty.
Return the seared chuck roast from Step 2 to the Instant Pot, placing it on top of the softened onions and broth. Sprinkle the ranch dressing powder and au jus gravy powder evenly over the roast. Add the unsalted butter in several pieces over the top. Arrange the pepperoncini peppers on and around the roast, then pour the pepperoncini brine over everything for an extra tangy kick.
Secure the Instant Pot lid and ensure the pressure release valve is set to 'Sealing.' Press the 'Pressure Cook/Manual' button and set the timer to High Pressure for 60 minutes (for a 3 lb roast) or 70 minutes (for a 4 lb roast). The roast will become wonderfully tender during this time.
Allow the Instant Pot to naturally release pressure for 10-15 minutes after cooking; wait until the pressure pin drops before carefully opening the lid. Remove the beef and set aside. In a small bowl, mix cornstarch and water to make a slurry. Set the Instant Pot to 'Sauté' and whisk in the slurry, letting it simmer for 1-2 minutes until the gravy thickens. For an extra glossy sauce, I sometimes add a small pat of butter after thickening.
Shred the cooked beef using two forks, then drizzle it with the luscious gravy. Serve immediately with your favorite side dishes for a comforting and hearty meal.