Defrost and cut your beef tips or stew meat into 1" cubes.
Turn the Instant Pot to the sauce function on high. Add 1 tbsp of oil to the pot. Once the oil is hot, add your beef and sear. It's easier to do this is two batches to not over crowd the pot. Season with a little salt and pepper. Flip the beef after 2 minutes of searing. After another 2 minutes pull your beef out onto a plate and set aside. Put in your second batch of beef and repeat.
Add the other tbsp of oil to the pot (if needed) and add the diced onion. Once the onion is tender and translucent (about 5 minutes), add diced garlic cloves. Only cook the garlic for 30 seconds.
Add the beef back into the pot along with the broth, bay leaf, thyme, oregano, parsley, basil, and Worcestershire sauce.
Add lid and cook at high pressure for 25 minutes with a 10 minutes natural release.
Once the pressure has been released, mix together cornstarch and water. Add to the instant pot with the beef and turn the instant pot to the sauce function on high for 3-5 minutes. You are looking for the liquid to thicken and become gravy. Make sure to stir often to not burn the gravy.
Add on top of rice and serve with you favorite vegetable.