Pat the beef chuck cubes dry with paper towels, then season them evenly with the salt and black pepper. Sprinkle the all-purpose flour over the beef and toss until the pieces are lightly coated on all sides.

Turn the Instant Pot to Sauté and let it heat. Add the olive oil and the chopped bacon. Cook the bacon, stirring occasionally, until it renders its fat and becomes golden and crisp. Use a slotted spoon to transfer the cooked bacon to a plate, leaving the drippings in the pot.

Working in batches to avoid overcrowding, add a portion of the floured beef cubes to the Instant Pot in a single layer. Sear the beef on all sides until nicely browned, then transfer the browned pieces to the plate with the bacon. Repeat with the remaining beef cubes, adding a little more olive oil only if needed.

With the Instant Pot still on Sauté, add the diced yellow onion to the pot. Cook, stirring and scraping up any browned bits from the bottom, until the onion begins to soften. Add the minced garlic and cook briefly, just until fragrant.

Stir in the sliced carrots and the halved cremini mushrooms, mixing them with the onions and garlic so they begin to soften slightly in the flavorful drippings.

Add the tomato paste to the vegetables and stir it in well, letting it cook for a short time so it darkens slightly and loses its raw edge.

Pour the dry red wine into the Instant Pot, stirring and scraping along the bottom to fully deglaze and release any remaining browned bits into the liquid.

Return the browned beef and the cooked bacon, along with any accumulated juices on the plate, to the Instant Pot. Pour in the low-sodium beef broth and the Worcestershire sauce, then stir to combine everything evenly.

Sprinkle the dried thyme and dried rosemary over the mixture, then tuck the bay leaves into the liquid so they are submerged. Give the contents a gentle stir so the herbs are dispersed.

Cancel the Sauté function. Secure the Instant Pot lid, making sure the valve is set to Sealing. Select Pressure Cook or Manual on High pressure and set the timer for 35 minutes.

When the cooking cycle ends, allow the pressure to release naturally for 10 minutes. After that, carefully turn the valve to Venting to release any remaining pressure, then open the lid once it is safe.

Remove the bay leaves from the pot and discard them. Add the unsalted butter to the hot stew and stir gently until it melts into the sauce, giving it a glossy, silky texture.

Stir in the chopped fresh parsley, tasting the sauce and adjusting the seasoning with a little extra salt or black pepper if desired.

Let the beef bourguignon sit in the warm Instant Pot for a few minutes so the flavors settle, then ladle it into bowls and serve hot, making sure each serving includes plenty of beef, vegetables, and rich sauce.