Set the Instant Pot to Sauté. Add the cut bacon to the hot Instant Pot and cook stirring often until the fat has been rendered and the bacon starts to crisp.
Add the cubed beef and cook 3-4 minutes, stirring often until meat is browned.
Remove the bacon, beef and all the juices from the InstantPot and set aside.
Place insert back into the InstantPot and allow the insert to get hot. Add 2 tbs olive oil and sauté the garlic, onion, carrot and celery in the olive oil for 2-3 minutes.
Sprinkle the vegetables with 1 tsp each of paprika, salt, pepper, onion powder and garlic powder.
Add the bacon, beef and juices back into the pot. Sprinkle 1/2 cup flour over the entire mixture. Stir vigorously to mix the flour into the fat and juices. Cook stirring often and scraping the bottom so the mixture will not burn.
Add the 1/2 cup of Dragon’s Milk stout the pot. Stir and scrape the bottom to ensure the roux is mixed thoroughly with the beer.
Add the cubed potatoes, 1 tbs beef base, 3 oz tomato paste, bay leaf, rosemary and thyme sprigs.
Pour the beef stock or water into the pot until the pot is filled to the “max fill” line.
Place the lid onto the InstantPot and press the pressure cook button. Cook on high pressure for 10 minutes. With a quick release or a pulse release if your instant pot has this function. If your InstantPot has a tendency to leak with a quick release with this much liquid, allow the InstantPot to sit on natural release for 10-20 minutes before doing the quick release.
Once the pressure is released, CAREFULLY remove the lid and stir the soup. Be sure to scrape the bottom and stir the soup well to evenly distribute the thickened flour on the bottom.
TASTE THE SOUP! Add any additional salt, pepper, paprika, garlic powder or onion powder needed to taste.
Enjoy immediately, but remember food coming out of the InstantPot are VERY hot. Be careful!