Turn on saute mode on your instant pot. Add 1 tablespoon vegetable oil. Once hot, add onion and garlic. Saute for 3 minutes, or until softened. Remove from pot and set aside.
Add remaining oil to the instant pot. Add beef tips to a bowl. Sprinkle with flour, salt, pepper and garlic powder. Toss to coat. Add in a single layer to the Instant Pot. You may need to do this in batches. Sear both sides. Once all the meat is seared, add onion and garlic back to the instant pot along with all the meat. Stir in beef stock, red wine and worcestershire sauce. Seal Instant Pot and cook on manual for 40 minutes. Allow steam to release naturally for 10 minutes then carefully turn the valve to release remaining pressure.
Turn Instant Pot back to saute mode. In a small bowl, whisk together the cornstarch and cold water. Add to pot and stir until the gravy is thickened and glossy.