Turn the Instant Pot to the Saute function, and turn up to High
Heat the olive oil, and add the bacon. Saute until lightly browned and crispy. Remove with a slotted spoon and transfer to a bowl.
Pat beef dry and place in resealable bag. Shake with 1 Tbsp of the flour and salt and pepper (to taste) to lightly coat.
Sear in the Instant Pot, in batches if possible to achieve better browning. Turn cubes while cooking to ensure all sides are seared. Remove from pot and reserve in bowl with the bacon.
Add the onions, garlic, ,and carrots to the pot. Saute until onions start to become translucent. Add tomato paste and cook for 30 seconds.
Add red wine to deglaze the pot, scraping the bottom to get any brown bits. Simmer for 5 minutes to cook off some of the alcohol.
Add the beef, bacon, potatoes, beef stock, and spices to the pot. Stir to mix well.
Put on the lid, turn the knob to sealing, and set to High Pressure for 40 minutes.
When time is up, allow to naturally pressure release for 10 minutes before venting. Remove the lid and turn the Saute function back on
Simmer until the sauce thickens. If after 5-10 minutes it has still not thickened, transfer 1/4 cup of the liquid to a bowl. Add 1/2 tbsp of flour, and stir to form a paste. Return the paste back to the pot and simmer until thickened.