Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add oil, onion, and garlic; cook and stir until starting to soften, 3 to 5 minutes. Add beef; cook and stir until browned on all sides, about 5 minutes. Pour in bourbon and scrape up any browned bits off the bottom of the pot.

Cancel Saute function. Add potatoes, black beans, corn, mushrooms, and carrots to the pot. Sprinkle salt, chili powder, pepper, cumin, and cinnamon over the beef and vegetables. Stir. Close and lock the lid. Select Stew function; set timer for 45 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to manufacturer's instructions, 15 to 20 minutes. Make sure all the pressure has released and the valve has dropped before you open the lid.