Pour broth into a multi-functional pressure cooker (such as Instant Pot®). Place beef in the pot and sprinkle with ranch dressing mix and onion soup mix. Place butter on top. Add pepperoncinis and juice.

Close and lock the pressure cooker lid. Select high pressure according to manufacturer's instructions; set timer for 110 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to manufacturer's instructions, 10 to 40 minutes.