Saute Bacon: Turn on the Saute function. Fry bacon pieces until crisp. Remove with a slotted spoon to a plate and set aside, leaving the bacon drippings in the pot.
Make Sauce: Next, saute the onions until softened, about 4 minutes. Season lightly with salt and pepper and the red pepper flakes as they cook. Stir in the garlic the last 30-60 seconds. Whisk in the wine, broth, tomato paste, and soy sauce until smooth, scraping the brown bits off the bottom. Bring to a simmer and cook for about 2 minutes. Press Cancel.
Add All Ingredients: Add the cooked bacon, beef chunks, carrots, potatoes, mushrooms, 1 teaspoon salt, 1/2 teaspoon pepper and stir until combined. Add the thyme springs and bay leaf on top.
Pressure Cook: Lock and seal the lid. Cook at high pressure for 30 minutes, with a 10 minute natural release and then quick release of the pressure. Discard bay leaf and thyme stems.
Thicken the Stew: Turn on the Saute mode. In a small bowl, stir together the cornstarch and 2 tablespoons of water until smooth. Stir this slurry into the stew and cook for about 3-5 minutes, stirring occasionally, until slightly thickened. (It will thicken more as it sits.)
Serve: Taste and adjust the seasoning. Garnish with fresh chopped parsley.