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Heat oil in large stockpot or Dutch oven over medium-high heat until shimmering. Add onion and cook, stirring occasionally, until slightly softened, 2 to 3 minutes. Transfer to large bowl.
Brown beef and bones on all sides in 3 or 4 batches, about 5 minutes per batch, adding extra oil as necessary, up to 1 tablespoon. Transfer to bowl with onions.
Add wine to now-empty pot and cook, scraping up browned bits with wooden spoon, until reduced to about 3 tablespoons, about 2 minutes. Return browned beef, bones, and onion to pot; reduce heat to low; and cook, covered, until beef releases juices, about 20 minutes.
Increase heat to high. Add boiling water, bay leaves, and salt to pot; return mixture to boil, then reduce heat to low and simmer, covered, until meat is tender and broth is flavorful, 1 ½ to 2 hours, occasionally skimming foam off surface.
Strain, discarding bones and onion and reserving beef for another use. Skim fat from surface of broth before using.