How do I enable Failed Request Tracing in IIS 10.0 on Windows 10 development PC?

You can enable the tracing feature using this PowerShell command (Running as Administrator)

Install-WindowsFeature Web-Http-Tracing 

You can also add this feature by going to Start -> Turn Windows features on or off -> Internet Information Services -> Health and Diagnostics.

The instructions should work exactly the same since the UI has not changed. Make sure that you install Failed Request Tracing, for that run OptionalFeatures.exe and make sure that Tracing is enabled in the Internet Information Services->World Wide Web Services->Health and Diagnostics.