Step 1

Turn a 6-quart Instant Pot® to the saute setting on high (see Cook's Note) and wait for it to say Hot, about 4 minutes. Meanwhile, sprinkle the chicken with 1 teaspoon salt and a few grinds of black pepper. Add the oil and 4 pieces of chicken, skin side-down, to the pot, and sear until the skin is golden brown, 3 to 4 minutes. Flip and continue to sear until the bottom of the chicken is opaque, 2 to 3 minutes. Remove the chicken to a plate and repeat with the remaining chicken.

Step 2

Line a plate with a paper towel. Add the bacon to the pot and cook, stirring occasionally, until just golden brown, 5 to 6 minutes. Remove the bacon with a slotted spoon to the lined plate. Remove all but 2 tablespoons of the bacon drippings and add the onion. Cook, stirring occasionally and scraping up any brown bits on the bottom of the pot, until the onions are just softened, 2 to 3 minutes. Add the carrots and garlic and cook, stirring occasionally, until the carrots just begin to soften, 2 to 3 minutes. (Note: The saute setting on most pots only runs for 30 minutes. If your pot turns off, simply turn it back on the saute setting on high.)

Step 3

Add the tomato paste and thyme and cook, stirring constantly, until the paste has softened, 1 to 2 minutes. Pour in the red wine and cook, stirring occasionally, until it has reduced by half, 5 to 6 minutes. Add 1/2 cup water, the reserved bacon, 1 teaspoon salt and a few grinds of black pepper and stir to combine. Turn off the saute setting and add the chicken.

Step 4

Follow the manufacturer's guide for locking the lid and preparing to cook. Set to pressure cook on high for 20 minutes. After the pressure cook cycle is complete, follow the manufacturer's guide for quick release and wait until the quick release cycle is complete. Be careful of any remaining steam and unlock and remove the lid.

Step 5

Remove the chicken to a platter. Turn the pot back to the saute setting on high and reduce the sauce until thickened and about 2 cups remain, 15 to 20 minutes. Pour the sauce over the chicken and sprinkle with the parsley. Serve with polenta.