Pat the beef tips dry with paper towels and season generously with salt and pepper. Heat the olive oil in a Dutch oven over medium-high heat.

Working in batches so as not to crowd the pan, sear the beef pieces until a deep brown crust forms on all sides, about 3 to 4 minutes per batch. Remove to a plate.

Reduce heat to medium. Add the chopped onion to the pot and cook until softened, about 4 minutes, scraping up the browned bits from the bottom. Add the minced garlic and cook for 1 minute more.

Return the beef and any juices to the pot. Stir in the beef broth, soy sauce, onion powder, and garlic powder. Bring to a boil.

Reduce heat to low, cover tightly, and simmer for 1.5 to 2 hours, until the beef is incredibly tender and easily pierced with a fork.

In a small bowl, whisk together the cornstarch and cold water to create a slurry. Stir this into the simmering pot.

Cook uncovered for 3 to 5 minutes, stirring frequently, until the gravy has thickened and is glossy. Serve immediately over hot cooked white rice.