Set the Instant Pot to SAUTÉ mode and add chopped bacon. Cook until crispy, then remove with a slotted spoon and set aside.
In the same pot, add beef chunks in batches to sear on all sides. Remove and set aside.
Pour red wine into the pot to deglaze, scraping up any brown bits. Simmer for 5 minutes.
Stir in beef broth and tomato paste. Gradually whisk in flour until smooth.
Add back the bacon and beef, followed by the carrots, onion, garlic, potatoes, mushrooms, salt, and pepper. Stir to combine
Cover and set the Instant Pot to MANUAL mode (high pressure) for 45 minutes.
After cooking, allow a natural release for 10 minutes, then do a quick release.
Set the pot to SAUTÉ mode again and simmer for 5-10 minutes to thicken the sauce.
Adjust seasoning with salt and pepper, garnish with chopped parsley, and serve.