Start by setting your Instant Pot to saute and add to it the oil, bell peppers, onions, bay leaf and garlic. Sauté until translucent, about 10 minutes
Add to the Instant Pot the beef and saute until lightly browned.
Add the tomato sauce, cooking wine, water, olives, capers, salt, black pepper and cumin. Stir gently and cover the Instant Pot. Set to meat stew at low pressure for 30 minutes.
Release the steam and open the Instant Pot. Add the potatoes and set to Sauté. Continue to cook while occasionally stirring until the potatoes are fork tender, about 20 minutes.
Serve immediately.