Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute 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 Saute function.