Set pressure cooker to "sear", add oil, adjust time to 25 minutes, and press "start/stop". When hot, add pork and pancetta. Cook until browned.
Drain excess fat, if necessary. Add garlic, onions, and carrots. Cook until vegetables are slightly soft, about 4 minutes. Add red wine and stir. Bring up to a simmer and cook until liquid is reduced by half. Add bay leaf, rosemary, thyme, salt, pepper, and tomatoes.
Close and lock lid, set pressure cooker to "meat/stew", adjust time to 10 minutes, and press "start/stop".
When done, natural release for 10 minutes, then do a quick release to make sure all pressure is released before opening lid.
Carefully open lid and remove bay leaf. Stir and check seasoning. Add salt and pepper, if needed. Serve over rice, pasta, or mashed potatoes.