Place the chopped bacon in a large skillet over medium heat and cook until crisp. Remove the bacon with a slotted spoon and set it aside, leaving the drippings in the pan.
Add the beef cubes to the same skillet in a single layer. Brown the beef on all sides, working in batches if needed, then transfer it to the slow cooker.
Add the pearl onions, sliced carrots, cooked bacon, minced garlic, thyme, bay leaves, salt, and pepper to the slow cooker.
Pour in the beef broth and red wine. Stir gently to combine everything.
Cover and cook on low for 8 hours until the beef is very tender and the broth has thickened slightly from the vegetables.
Remove the bay leaves before serving.