Pat dry lamb shanks with paper towels on all sides. Season with salt and pepper. Set them aside.
Select Saute setting on the Instant Pot. Heat 1 tablespoon oil. Sear two of the lamb shanks on both sides until lightly browned, for about 8 minutes. Transfer to a plate, cover with foil and repeat the same process with the remaining lamb shanks.
Into the now-empty Instant pot, place onion, carrots, celery, ground cumin, and paprika. Sautee, stirring frequently, until all the vegetables are softened, for about 5-7 minutes. Make sure to scrape the brown bits at the bottom of the pot.
Stir in the tomato paste and garlic and cook for 1 more minute.
Pour in the beef broth and wine and let it cook for 2-3 minutes.
Put the lamb shanks back into the pot. Add the bay leaves and give it a good stir.
Secure the lid and set the pressure release to the Sealing position. Press the cancel button to reset the cooking program, then select the Pressure Cook/Manual setting and set the cooking time to 60 minutes at high pressure.
It should take about 15 minutes for Instant Pot to come to full pressure. Once the cooking time is complete, let the pressure release naturally.
Carefully remove the lid and transfer the lamb shanks onto a large plate. Cover with aluminum foil to keep them warm.
Set a strainer over a bowl. Carefully strain the sauce pressing with the back of a spoon to extract all the juices out of the vegetables. Transfer the liquid back into the pot and discard the veggies. Select the Saute setting and bring the sauce to a gentle simmer.
Meanwhile, make the cornstarch slurry by whisking cornstarch with a few tablespoons of the sauce until it forms a paste.
Pour the cornstarch slurry into sauce and whisk until fully combined. Cook until the gravy is thickened for about 12-15 minutes. Give it a taste and add more seasoning if needed.
When ready to serve, place lamb shanks on a plate and drizzle them with a generous amount of gravy. Garnish with fresh herbs and pomegranate arils (if using) and serve right away.