Bacon. Set your Instant Pot to the sauté setting and then cook your bacon pieces until crispy. Once your bacon is crisp (about four minutes or so) you can carefully transfer it to a clean paper towel to sit.
Beef. To sear (quickly brown) your beef, place the beef pieces into the pot with the leftover bacon and grease and cook the beef until browned on the outside. You can use a wooden spoon to flip or stir the beef as needed. When the beef has browned you can transfer it to a plate or clean location to sit while you continue.
Sauté. Drizzle olive oil in your pot (if needed) and then then sauté the diced onion and minced garlic until softened (about three to four minutes).
Deglaze. Add the wine to your pot and use your wooden spoon to scrape up any browned bits on the bottom of the pot and then let the wine come to a simmer (three to four minutes).
Ingredients. Add your tomato paste, beef broth, Worcestershire sauce, thyme, and bay leaf to the pot and stir. Then add the beef, bacon, carrots, and potatoes and stir again.
Pressure Cook. Secure the lid on pressure cooker and then set it to the "Pressure Cook" or "Manual" setting on high pressure for 35 minutes. Once done, allow a natural release for 10 minutes, then perform a quick release for any remaining pressure.
Mushrooms. The mushrooms will need to be sautéd on your stovetop while the ingredients are pressure cooking. While the beef is cooking, you can sauté your mushrooms using olive oil until browned.
Serve. When the ingredients in your pressure cooker are done cooking, you can stir in your sauteed mushrooms along with any desired seasonings and serve.