Set your instant pot in Saute function High for 10 Minutes, heat the olive oil and sauté the bacon until it is crispy and brown. Take the bacon out of the pot and set aside.
Pat dry the meat and season with salt and pepper, using the bacon fat, sear the meat in batches until browned on all sides.
Add the chopped white onion and garlic, let them cook with the meat for about 2 Minutes, sprinkle with the flour, toss well then add the wine and deglaze the bottom of the pot, add the pearl onion, carrots, tomato paste, stock and herbs, press cancel and set the pot in Pressure Cook high function for 30 Minutes, close the lid making sure the valve is on seal position.
When the cooking finishes quickly release moving the valve to vent.