Heat olive oil in a Dutch oven or large soup pot over medium heat. Cook bacon in hot oil until crispy and the fat is rendered, about 10 minutes.
Remove bacon with a slotted spoon to a plate lined with paper towels.
Season beef with salt and pepper. Cook and stir about half the beef in the reserved drippings until completely browned, 5 to 7 minutes; remove browned beef with a slotted spoon to a bowl. Cook and stir remaining beef in the pot until completely browned, another 5 to 7 minutes; remove browned beef to the bowl.
Let the drippings retained in the pot get hot before stirring onions, carrots, celery, and bay leaves into the drippings; cook and stir until the vegetables are hot, 3 to 4 minutes.
Add potatoes and garlic; continue cooking and stirring until the vegetables are tender, 3 to 4 minutes more. Stir Worcestershire sauce and tomato paste through the vegetable mixture; cook until the paste begins to blend into the mixture, 1 to 2 minutes.
Pour the bowl with the browned beef and its juices into the pot; stir to mix with the vegetables.
Add beef stock, mushroom soup, and sour cream to the beef mixture; season with rosemary, paprika, and thyme. Stir the mixture to combine.
Bring the stew to a boil, cover the pot with a lid, and reduce heat to medium-low; cook the stew at a simmer for 90 minutes. Stir the peas into the stew and continue cooking until the beef is tender, about 30 minutes more.