Render bacon in a 6-qt. Dutch oven over medium-high heat. Transfer to a plate, leaving fat in pot.
Season steak with salt and pepper. Working in batches, cook steak until browned on both sides, about 3 minutes per side; transfer to plate.
Add onion to pot; cook until soft, about 4 minutes. Add tomato paste, cumin, thyme, oregano, garlic and bay leaf; stir and cook until lightly caramelized, about 3 minutes. Add wine; cook, scraping bottom of pot, for 1 minute.
Return bacon and steak to pot with broth, and tomatoes. Reduce to medium-low; cook, covered, until steak is very tender, about 3 hours.
Remove steak, and shred; return meat to pot with peppers, olives, capers and vinegar. Cook until sauce is slightly thickened, about 30 minutes.
Serve with Spanish yellow rice and top with cilantro.
Recipe by White River Kitchen at https://whiteriverkitchen.com/ropa-vieja-3/