Set the Instant Pot to sauté and heat the olive oil. Add the pork cubes and brown them on all sides for about 5 minutes. Season with salt and pepper during this step.
Stir in the minced garlic and tomato paste. Cook for 1 minute until the paste darkens slightly.
Pour in the red wine and scrape the bottom of the pot to release any browned bits. Let the wine simmer for 2 minutes.
Add the beef broth, pearl onions, sliced carrots, thyme, and bay leaves. Stir to combine.
Secure the lid, set the valve to sealing, and cook on high pressure for 35 minutes. Allow a natural pressure release for 10 minutes, then quick release any remaining pressure.
Remove the bay leaves. Stir in the cornstarch slurry and switch to sauté mode. Cook for 2 to 3 minutes until the sauce thickens. Taste and adjust salt and pepper if needed.