Cook Bacon: Turn your Instant Pot to the sauté setting. Add the bacon and cook until crisp, then remove with a slotted spoon. Keep the bacon fat in the pot.
Cook Beef: Season the stewing cubes with salt and pepper. Sear them in the Instant Pot on all sides, working in batches. Set the cubes aside.
Cook Veg: Add the olive oil to the pot along with the onion and mushrooms. Cook until the mushrooms start to brown, 5-6 minutes. Stir in the garlic, flour, and tomato paste. Cook for 1 minute.
Add Ingredients:Pour the beef broth into the pot and stir until it thickens, scraping up all the bits at the bottom. Add the wine, carrot, bay leaves, and thyme, the seared beef and stir everything to combine.
Cook: Secure the lid of your Instant Pot and turn the valve from VENT to SEAL. Cook on high pressure for 35 minutes, then let the pressure release naturally for 10 minutes before quick releasing the rest of the pressure.
Finish & Serve: Discard the bay leaves and thyme sprigs and taste for salt and pepper. Garnish with parsley and serve over mashed potatoes, noodles, or rice.