Set the Instant Pot to the sauté function. Add olive oil and let it heat up. Once hot, add the chopped onion and sauté for about 3 minutes until translucent. Stir in the minced garlic and cook for another minute until fragrant.

Add the beef chunks to the pot and season with cumin, oregano, smoked paprika, chili powder, salt, and pepper. Brown the meat on all sides for about 5-7 minutes.

Pour in the beef broth and add the bay leaves. In a separate bowl, soak the guajillo and ancho peppers in 2 cups of hot water for about 15 minutes until softened. Once softened, blend the peppers with their soaking liquid until smooth.

Stir the blended pepper mixture into the Instant Pot with the beef. Close the lid, set the valve to sealing, and cook on high pressure for 45 minutes. Once done, allow for a natural release for 15 minutes before switching to quick release.

Remove the beef and shred it using two forks. Strain the cooking liquid to remove any solids, then return the shredded beef to the pot with some of the broth to keep it moist.

To assemble the tacos, heat a skillet over medium heat. Dip each tortilla in the broth, then place it in the skillet. Add a generous amount of shredded beef, top with chopped cilantro and diced onion, and fold the tortilla in half. Cook for about 2 minutes on each side until crispy.

Serve the tacos with lime wedges and a small bowl of the reserved broth for dipping.