Turn the Instant Pot to saute and wait until it reads "hot".
Add the bacon and onion and cook, stirring often, until bacon is crispy and onion has softened and browned. Add the garlic, thyme, parsley, salt and pepper and stir. Remove from the pot with a slotted spoon, leaving the bacon grease behind.
Drizzle oil over both sides of the pork chops and season with salt and pepper. Sear on both sides in a single layer, in the Instant Pot, for about 2-3 minutes or until browned and they move easily. (If they feel stuck, they are probably not quite done). You may have to sear the chops in two sets.
Turn the Instant Pot off. Add the apple juice to the hot pan, and scrape the bottom of the pan to deglaze (You may have to remove the pork chops to do this if you have a lot stuck on, but you add them back in with the juice to pressure cook).
Put the lid on, turn the valve to sealing, and select Manual or Pressure Cook for 2 minutes. It will take about 10 minutes to build pressure and start counting down.
When the cook time is over, let pressure release naturally (i.e., turn off and do nothing!) for 10 minutes, then move the valve to venting, release remaining pressure and open the lid.
Remove the pork chops to a plate and cover to keep warm. Turn Instant Pot to saute.
Combine corn starch and water and add to juices in pot, along with the bacon and onion, cooking and stirring to thicken. Serve over pork chops.
Notes
*The cook time for this recipe has been reduced from 8 minutes to 2 minutes as I have found a short cook time to yield juicier pork chops. Some commenters reference the longer cook time and still had great results.