Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function, medium heat, and add bacon. Cook, stirring frequently, until browned and crisp, about 10 minutes. Remove bacon to a small bowl and set aside. Remove all but 1 tablespoon of the bacon fat.

Cook shallot in the hot fat until soft, about 5 minutes. Add garlic and cook until fragrant, about 30 seconds. Pour in 1/4 cup Pinot Noir and deglaze the pot, scraping the browned bits of food off the bottom of the pan with a wooden spoon. Add remaining wine, 1/2 cup chicken broth, tomato paste, bay leaves, thyme, and pepper; stir well. Add 1/3 of the bacon pieces.

Place chicken into the pot with mushrooms, pearl onions, and carrots; stir. Close and lock the lid.

Select high pressure according to manufacturer's instructions; set timer for 7 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to manufacturer's instructions for 5 minutes. Release remaining pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid. Transfer chicken to a warm plate. An instant-read thermometer inserted near the bone should read 165 degrees F (74 degrees C).

Mix cornstarch and 2 tablespoons chicken broth together in a small bowl; stir well.

Select Saute function. Add cornstarch mixture to the pot. Heat until this becomes slightly thickened, about 5 minutes; this will not be thick like gravy.

Divide chicken between serving plates and ladle mixture over. Garnish with parsley and remaining bacon pieces.