Season beef cubes with salt, pepper, garlic powder, and cumin.
In a large stockpot cook bacon pieces until crisp but not burnt. Add cubed beef and brown. Do not fully cook meat, just quickly sear until it gets a nice brown color. About 10~15 minutes.
Once browned, add onion, both peppers, canned tomatoes, and cilantro. Quickly saute to start to render the vegetable flavors. About 5 minutes
Add red wine and deglaze the bottom of the pot. Allow the wine to reduce a bit while scrapping the bottom of the pot with a wooden spoon.
Add beef stock/water, along with potatoes, pumpkin, and corn.
Cover and boil over low to low-moderate heat for about an hour. we are looking for a gentle simmer
From time to time, check the pot and look for any oil floating to the top. With a soup spoon gently scoop as much excess oil as needed.
On the last 5 to 10 minutes of cooking, add frozen green peas and olives
If stew reduces faster than potatoes are cooked, add more stock/water, one cup at a time.