Pat the meat very dry, then season all over with salt and pepper.

Press the 'Saute' button on the Instant Pot; if your model allows for temperature settings, program to medium and set the timer for 30 minutes. Pour in the olive oil and allow the inner pot to heat the oil until it shimmers.

Add one-third of the beef pieces to the inner pot and arrange the meat in a single, even layer. Sear the meat for 3 minutes, or until the surface is golden brown and a thick crust forms. Remove the pieces with tongs or a slotted spoon, and repeat with the remaining batches until every piece is well-browned on at least one side.

Add the butter and heat until it melts, then foams. Add the onions and garlic and toss in the fat. Saute for 1 minute, stirring constantly.

Pour in the wine, then use a wood spoon to scrape up any browned bits clinging to the bottom of the inner pot. Continue cooking and gently scraping until the bottom of the pot is 'clean' and wine has stopped bubbling.

Press the 'Cancel' button to end the 'Saute' cycle. Return the seared beef to the pot along with any accumulated juices, then pour in the beef broth and Worcestershire sauce; give everything a good stir, then top with the fresh thyme and bay leaf.

Seal the Instant Pot and program to 'High Pressure' for 25 minutes; it will take about 10 minutes for the pot to come to pressure. Once the high pressure cycle finishes, allow the pressure to release naturally for 15 minutes, then release any remaining pressure manually.

In a small bowl or cup, whisk the water and cornstarch until very smooth to make a slurry. Remove the lid from Instant Pot, ensuring you open it away from your body so that any steam wafts away from you. Pour in the cornstarch slurry, then stir until the sauce is smooth. Press the 'Saute' button on the Instant Pot and simmer 5-15 minutes, stirring occasionally, until the gravy is thickened to your liking. Taste for seasoning and adjust the salt and pepper to taste.

Serve beef tips right away over mashed potatoes, polenta, or egg noodles. Enjoy!