Using the sauté setting on your instant pot, brown the chopped bacon. Once browned, remove and set aside. Drain half of the grease.
Take the diced beef chuck roast and coat it with salt and pepper. Use the leftover bacon grease in the instant pot to sauté and add beef in a single layer. Working in batches, brown all sides of beef, but do not cook all the way through. Remove from heat and set aside.
Add the last tablespoon of unsalted butter to the instant pot and sauté the diced onion until they soften.
Whisk in the red wine, beef broth, and tomato paste into the instant pot. Scrape all the browned bits from the bottom of the instant pot to incorporate all that flavor. Make sure there aren’t any pieces stuck to the bottom or the instant pot may read as “burn” in the middle of cooking.
Add in the bacon, beef chuck roast, mushrooms, carrots, fresh thyme, garlic powder, rosemary, and basil.
Cook in the instant pot on the “Meat/stew” setting for 30 minutes and follow with instant pressure release.
If you would like to thicken the sauce, take out ½ cup sauce, and mix it with 1 to 2 Tablespoons cornstarch. Once all of the lumps are out, add it back into the mix and turn the instant pot to sauté mode. Stir until it reaches your desired thickness.
Turn off “saute” mode and plate and garnish with fresh chopped parsley, optional. Best when served warm.