Set Instant Pot to saute function and preheat, add a small amount of oil. Dry beef thoroughly with a paper towel and brown well in batches, being careful to not crowd the pan.
Deglaze the pot with the red wine and scrape the bottom of the pot to get all of the browned bits. Add in the thyme, bay leaves, black pepper, beef base, beef stock and barley and whisk to break up the beef base.
Remove the bay leaves. Return the vegetables to the pot. Turn the instant pot back on the saute function and cook until the veggies are cooked through to your liking and the soup has thickened slightly.