Pat the 2 pounds beef chuck dry and, if not already, cut into 1-inch cubes.
In a bowl, combine 1/4 cup all-purpose flour, 1/2 teaspoon salt, 1/4 teaspoon black pepper, and 1/2 teaspoon onion powder. Toss the beef cubes in the flour mixture until evenly coated; shake off excess.
Heat 2 1/2 tablespoons olive oil in a large heavy pot or Dutch oven over medium-high heat. Working in batches to avoid crowding, brown the beef on all sides until well-seared; transfer browned beef to a plate and repeat with remaining beef.
Reduce heat to medium. Add the chopped large onion to the pot and cook, stirring occasionally, until softened, about 5 minutes. Add the minced garlic and cook 30–60 seconds until fragrant.
If using the 3/4 cup red wine, pour it into the pot now and scrape the bottom with a wooden spoon to loosen browned bits; simmer about 2 minutes. If not using wine, skip this step.
Stir in 5 1/2 cups beef broth and 2 tablespoons tomato paste, mixing until the tomato paste is dissolved. Return the browned beef and any juices to the pot. Add 1 teaspoon dried thyme, 1/2 teaspoon dried rosemary, and 2 bay leaves.
Bring the mixture to a simmer, then reduce the heat to low. Cover and simmer gently until the beef is nearly tender, about 1 to 1 1/2 hours.
Add the 3 large carrots (peeled and cut into 1-inch pieces) and the 2 large potatoes (peeled and cubed). Cover and continue to simmer until the vegetables and beef are tender, about 25–35 minutes.
Stir in 1 cup frozen peas and simmer uncovered for 3–5 minutes, until the peas are heated through.
Remove and discard the bay leaves. Serve the stew hot.