Select saute setting on Instant Pot and set to medium heat.
Add bacon to Instant Pot. Cook and stir until crisp. Remove with a slotted spoon and drain on paper towels.
Brown chicken on both sides in bacon drippings; remove and set aside.
Add onion, tomato paste, and minced garlic to Instant Pot; cook and stir 5 minutes.
Add wine and cook for 2 minutes.
Press cancel on the Instant Pot.
Chop baby carrots in half.
Add chicken, carrots, mushrooms, broth, thyme, bay leaves, salt, and pepper to Instant Pot. Set Instant Pot to pressure cook on high for 5 minutes, and then quick release when finished cooking.
Remove chicken and vegetables to a serving platter, and cover with foil to keep warm. Discard thyme and bay leaves.
Select saute setting and set to low heat. Simmer until reduced by half (approx. 10-15 minutes), stirring constantly.
Stir in cooked bacon.
Add chicken and vegetables back to the Instant Pot. Serve warm.