Press the “Sauté” button on the Instant Pot. Then once it has heated, add the diced bacon and sauté, stirring occasionally, until crispy. Use a slotted spoon to transfer the bacon to a clean bowl and set aside, leaving the leftover bacon grease in the pot.
While the bacon is frying, season the chicken breasts with salt and pepper. Then lightly dredge the chicken in the flour until it is evenly coated on all sides. Once the bacon has been removed, add the chicken to the pot in a single layer. Sauté the chicken undisturbed for about 2 to 3 minutes until lightly browned, then flip and repeat on the opposite side. (The chicken will not be completely cooked through.)
Add the wine and use a wooden spoon to briefly scrape the browned bits up from the bottom of the pot. Add the mushrooms, bell peppers, carrot, red onion, garlic, crushed tomatoes, olives, oregano, crushed red pepper flakes, and cooked bacon. Briefly toss to combine.
Close and seal the lid. Pressure cook on high for 15 minutes, followed by a quick release. Once the steam has released, carefully remove the lid.
Transfer the chicken to a clean plate and shred it with two forks. Return the shredded chicken to the cacciatore and give the mixture a gentle stir to combine.
Taste and season with extra salt, pepper, oregano and/or crushed red pepper flakes, as needed.
Serve warm over pasta, polenta, rice, grains, or with a hunk of crusty bread, garnished with a sprinkling of fresh basil and Parmesan. Enjoy!
