Heat the instant pot up to saute the bacon until it's crispy. Then use the oil to saute the carrots and onions,. Once that's done, it's time to brown the beef, in small batches if necessary.
Use the broth to clear any beef bits left on the bottom of the pan. Then add in the beef, sauted veggies and bacon in with the seasonings. Close the lid and set to High for 45 minutes.