Generously season beef cubes with salt and pepper, and set aside.
Select saute mode on pressure cooker for medium heat. When display reads HOT, add diced bacon and cook for about 5 minutes until crispy, stirring frequently. Transfer bacon to paper towel lined plate.
Keeping bacon grease in pot, add beef in single layer and cook for a few minutes to brown, then flip and repeat for other side. Transfer beef to separate plate when done.
Add onions and garlic to pot. Cook for a few minutes to soften, stirring frequently. Add red wine and tomato paste, using stiff wooden utensil to briefly scrape up flavorful brown bits stuck to bottom of pot. Stir to check that tomato paste is dissolved. Turn off saute mode.
Transfer beef back to pot. Add mushrooms, carrots, and thyme, stirring together. Top with bay leaves. Secure and seal lid. Cook at high pressure for 40 minutes, followed by quick pressure release.
Uncover and select saute mode. Remove bay leaves. Evenly sprinkle xanthan gum over pot and stir together. Let stew boil for a minute to thicken while stirring. Turn off saute mode. Serve into bowls and top with crispy bacon