Set your Instant Pot to sauté mode and high medium heat. Add the olive oil and fry the bacon in the pot until crispy and the fat is rendered out.

Use a slotted spoon to transfer the cooked bacon to a bowl and set aside.

Season beef with salt and pepper.

In batches and in single layers, sear the beef in the hot bacon oil for 3 to 5 minutes, turning to brown on all sides.

Remove the seared meat to the plate with the reserved bacon and continue searing until all the beef is browned.

In the remaining hot oil add onion slices and cook until onions start to soften and brown.

Stir in mushrooms and season with salt and pepper.

When mushrooms just start to sweat, stir in garlic and thyme and cook for 1 more minute.

Pour in Cognac or brandy.

If you choose to, very carefully, stand back, and ignite Cognac with a match to burn off the alcohol. Should only take 1-2 minutes.

If fire doesn't go out by itself and to prevent a grease fire, extinguish fire by covering pot with a metal lid. Do not use glass or the lid of the instant pot as it has rubber that can melt and burn.

Stir in flour and let it cook for 1 minute to remove the raw flavor.

Stir in tomato paste, wine and beef broth. Scrape the bottom of the pot to remove any browned bits of meat.

Return the meat and bacon back into the pot with its juices and stir to combine.

Secure the lid to the Instant Pot set it to MANUAL for 35 minutes.

Once done cooking, let it naturally release pressure for 10 minutes. Then carefully switch the valve to VENT to release the rest of the steam. Once done venting, slowly remove the lid.

Set to SAUTE on high and add the frozen pearl onions.

Stir to combine and let the stew thicken and warm the onions for about 10 minutes. If bubbling, too much, reduce the heat to low.

Adjust the seasoning to taste and serve