Turn Instant Pot on the sauté function.
Cut bacon into small bits and brown lightly on the sauté function, stirring frequently.
Add in the onion, celery, carrots, garlic, ground pepper and beer. Deglaze bottom of pot until it is clear. Continue to sauté for 3-5 minutes, stirring often.
In a separate bowl, mix together the red wine, stock, Worcestershire sauce and tomato paste. Add the wine mixture to the pot, along with the beef, potatoes, thyme, parsley, bay leaf, and salt. Stir until combined.
Close the Instant Pot and set it to sealing position. Pressure cook/manual on high pressure for 20 minutes. Once the time expires allow a 10 minute natural pressure release. Finish with a quick release.
In a small bowl whisk together the cornstarch/arrowroot powder with the warm water until completely combined to make a slurry.
Place the pot on sauté and stir the slurry into the stew and heat until desired thickness is achieved (2-4 minutes).