Use the natural release method and wait for the pressure valve to go down--this can take about 20 minutes. You can use the 'quick release', but be very careful as liquid can come out of the steam vent. Transfer the beef to a plate (it should be very tender) and discard any bone pieces. Using a slotted spoon, transfer the solids (dried chilies, onions, garlic, bayleaf, peppercorns) to the carafe of a blender. Use just enough braising liquid to create a thin-ish sauce. I usually start with half of the liquid and see what the consistency is like in the sauce and add more as needed. Blend until the sauce is very smooth. You can discard the remaining braising liquid or freeze for the next time you braise meat!
You do not need to use beer in the recipe (though bear in mind that the alcohol cooks out) and can substitute beef broth. You can make this in a slow cooker (if you don't have an instant pot) by adding the beef and the remaining ingredients to a slow cooker for 4 hours on high or 8 hours on low and then follow the remaining steps for the recipe.