In a large bowl, combine the olive oil, garlic, salt, pepper, oregano, cumin, and chili powder. Cut up the beef into 2-inch cubes and mix until well coated. Place chopped onion, bay leaf, and broth in the pot. Add beef.
Cook at high pressure for 45 minutes. When cooking is complete, natural release to depressurize.
Remove the beef with a slotted spoon or large fine-mesh strainer to remove the liquid. Reserve some liquid if you are broiling the meat. Shred or leave in chunks. Serve on warm tortillas with your favorite toppings.
Optional: Transfer the meat to a baking pan. Use two forks to shred the beef and spread into an even layer on the pan. Broil about 4 inches away for about 5 minutes or until it reaches the crispiness you like. If needed, add some of the cooking liquid to moisten.