Prep your ingredients. I use kitchen shears to make cutting up the bacon easier. You can always finish prepping the remaining ingredients while the bacon is cooking to save time.
Add the bacon to your Instant Pot. Press the sauté button and fry the bacon until crispy (about 10-12 mins).
Once the bacon is crispy, move the bacon to one side of the Instant Pot and scoop most of the grease out with a spoon. Discard the fat (or store it and save it for other recipes).
Add the garlic, red wine, chicken broth, and tomato paste to the Instant Pot. Give it a good stir.
Add the chicken, carrots, onions, mushrooms, and thyme to your Instant Pot. Stir it as best as you can. Close the lid and set the valve to "sealing". Press the "manual" button and set the timer to cook on high pressure for 10 minutes.
Once the countdown has finished, let the pressure release naturally for 15 minutes, and then do a quick release of the remaining pressure.
Add the cornstarch slurry (mix the cornstarch and cold water together) to the Instant Pot. Press the sauté button and this will help the sauce sauce thicken a little bit (the sauce isn't meant to be too thick) if you let it cook for a few more minutes. Season with salt & pepper if needed.