Season short ribs with salt and pepper and set aside.
Set Instant Pot to Sauté setting.
Once hot, add bacon and cook until lightly golden and fat is mostly rendered 5 minutes.
Remove bacon and set aside, leaving bacon fat in the pot.
Sear ribs on all sides until caramelized, 4 to 5 minutes per side. (You may also want to do this in a large pan.) Transfer to a plate.
Add in shallots, carrots, celery, red pepper flakes, and garlic to the Instant Pot, and cook, stirring occasionally, until vegetables are softened, about 3 minutes.
Add thyme, and tomato paste, stir until fragrant, 1 min
Add sherry, bring to a simmer, and use a wooden spoon to deglaze and scrape the bits off the bottom of the Instant Pot, for 3 minutes.
Turn off the Sauté function and add in brown sugar, Worcestershire, vinegar, beef broth, seared ribs, and cooked bacon.
Season with salt and pepper, then lock the lid and set to Pressure Cook on High for 45 minutes.
Let Instant Pot naturally release for 15 minutes, then carefully quick-release
Remove the ribs from the Instant Pot, separating the 2 ribs to be shredded from the 4 to be served.
Keep the 4 ribs to be served warm.
Shred the other two ribs, to be included in the risotto recipe below. Discard the bone
Transfer the contents of the Instant Pot into a saucepan.
Using an immersion blender, puree the cooked veggies with the rib juices
Bring to a boil and reduce. This will be used in the finishing of the risotto (See part 2 below)
Once the risotto is finished, put a serving of risotto in a shallow bowl, with one short rib on top. Garnish with chopped parsley