Turn your Instant Pot on to sauté mode. Allow it to heat up and spray it with non-stick cooking spray. Add your beef and sear the meat along the tops and bottoms of each piece.
Turn off saute mode and add in the water and deglaze the pan, scaping off the bottom of the pan well. Then add in the Worcestershire sauce, liquid smoke, bullion, and spices. Stir to combine.
Place the lid on and cook on high pressure for 20 minutes, making sure the vent is sealed.
When finished cooking, allow for a natural pressure release for about 15 minutes. Then, turn the valve to vent to remove any excess pressure. While the pressure is releasing, stir together the half and half and cornstarch until smooth, then set it aside.
Turn the instant pot to the sauté setting. Bring the mixture to a boil and stir in the cornstarch mixture. Then add in the remaining gravy ingredients. Stir together and allow to simmer for a few minutes until the gravy thickens. Serve over cooked rice, pasta, or mashed potatoes. Serves 5-6.