Brown the bacon pieces over medium to high heat in a cast iron skillet. Use a wooden spoon to move the bacon around so it does not burn.
Once the bacon is browned remove it onto a small plate lined with paper towels. Add olive oil to the bacon fat in the pan. Heat over medium heat.
Place the stew beef on a half sheet pan lined with parchment paper and paper towels. Pat the stew beef dry with clean, dry paper towels. Sprinkle with salt and black pepper to taste.
Brown a few pieces of stew beef at a time. Let them brown really well on all sides. Use tongs to turn the meat.
Once the beef tips are browned place them in a 9x13-inch baking dish. Season with onion and garlic powder.
Saute the mushroom slices over medium heat. Use a wooden spoon to move them around occasionally, browning all sides. Once they are browned, but not fully cooked, spoon them over top of the browned stew beef. Add the bacon to the baking dish as well.
Dissolve the Better than Bouillon beef into very hot water. This will make your beef stock.
Deglaze the pan with red wine. Add the beef stock and use a wooden spoon to remove all of the brown bits off the bottom of the pan.
To thicken the gravy, add 2 tablespoons of corn starch to 1 cup of cold water. Stir with a spoon to dissolve. Add this mixture to the red wine and beef stock mixture. Use a whisk to combine while it comes to a simmer. This will help you prevent any clumps forming.
Pour the gravy over top the mushrooms and beef tips.
Cover the baking pan with aluminum foil and place in a preheated 350 degree F oven for 2 hours.
Remove from the oven and serve with either mashed potatoes, rice, or noodles.