Set Instant Pot to the saute setting. Once warm, add olive oil, beef tips, and onion. Stir and sauté for 5 minutes or until meat starts to brown.
Add broth, Worcestershire sauce, pepper, cream of mushroom soup and garlic powder. Stir to mix well, and then cover and seal the lid.
Cook on Manual Setting on High Pressure for 25 minutes. It will take a few minutes to come to pressure.
Once done, allow to naturally release for 20 minutes.
Serve over rice (or noodles or mashed potatoes) and serve with french bread to sop up the gravy.
The calories shown are based on the recipe serving 8 and for the meat & gravy only (no rice). Since different brands of ingredients have different nutritional information, the calories shown are just an estimate.