In a large bowl, mix together the paprika, chili powder, onion powder, garlic powder, cumin, 1 tablespoon of salt, and 2 teaspoons of black pepper. Coat the short ribs evenly with the spice mixture and allow them to rest for 10 minutes.

Set your 6-quart Instant Pot® to the high sauté setting. Add 2 tablespoons of the canola oil, and once heated, sear each side of the short ribs for about 2 minutes per side, working in batches if necessary. Once browned, transfer the ribs to a plate.

Add the remaining 1 tablespoon of oil to the pot. Toss in the sliced onions and cook, stirring occasionally to lift the browned bits from the bottom of the pot, until the onions have softened—about 3 minutes. Stir in the tomato paste and garlic, cooking for 1 to 2 minutes until the tomato paste is deeply caramelized.

Pour in the cola, Worcestershire sauce, bay leaves, and 1/2 cup of the beef broth. Stir to combine, and return the short ribs, along with any accumulated juices, back into the pot. Ensure that the ribs are well-coated with the liquid. Secure the lid according to the manufacturer's instructions, and set the Instant Pot® to pressure cook on high for 45 minutes.

Once the cooking time is complete, follow the Instant Pot® guide for quick release. After the steam has fully dissipated, carefully unlock and remove the lid. Transfer the short ribs to a plate.

Skim off any excess fat from the surface of the cooking liquid. Set the Instant Pot® to high sauté once again. As the liquid begins to simmer, combine the remaining 2 tablespoons of beef broth with the cornstarch in a small bowl to create a slurry. Gradually whisk the slurry into the pot and cook, stirring occasionally, until the sauce thickens to a syrupy consistency, about 15 to 20 minutes.

Season the sauce with additional salt if necessary, and return the short ribs to the pot, coating them with the reduced sauce. Serve the short ribs hot, paired with mashed potatoes, polenta, or rice, as desired.