Place the flour in a shallow dish. Pat the beef dry; dredge in the flour. Shake off any excess flour.
Set the Instant Pot to "Saute," and add 1 tablespoon of the butter and 2 tablespoons of olive oil. Heat until the oil and butter are hot, but not smoking. Place meat in the pot and sear for about 4-6 minutes on each side, or until nicely browned all over. Transfer the roast to a plate.
Add water and cook for 1-2 minutes, using a wooden spoon to scrape up any browned bits from the bottom of the pot. These add great flavor to the dish!
Return the roast to the pot with the water.
Pour 2 tablespoons of juice from the pepperoncini jar over the roast. Sprinkle with au jus gravy mix and ranch seasoning mix. Slice the remaining butter into large pats and place on top of the roast. Arrange pepperoncini around the roast.
Place lid on Instant pot with steam valve closed.
Switch Instant Pot setting to "Manual" and set for 60-80 minutes on "HIGH" pressure.
Do a natural release for at least 10 minutes, then quick release.
Remove roast from pot, shred with two forks, stir the meat back into the juices, and serve.