Season the steak with salt and pepper on both sides.
Turn your Instant Pot to the 'Sauté' setting and add the olive oil.
Once hot, add the steak and brown on both sides. Remove and set aside.
In the same pot, add the onion and garlic, sauté until fragrant.
Pour in the beef broth and Worcestershire sauce, scraping the bottom of the pot to loosen any browned bits.
Return the steak to the pot.
Secure the lid and select the 'Pressure Cook' or 'Manual' setting. Cook at high pressure for 20 minutes.
After the cooking time is up, do a natural pressure release for 10 minutes, followed by a quick release.
Remove the steak and set it aside. Turn the Instant Pot back to 'Sauté'.
Mix the cornstarch and cold water to make a slurry, then stir it into the pot to thicken the gravy.
Slice the steak against the grain and serve with the gravy.