Cut the cubed steak up in pieces that will fit in your Instant Pot. Dredge you steak in flour and seasoning. I sometimes add garlic powder and paprika. I use a gallon zip-lock to do this. Mom did hers on a platter. If you buy a large pack of meat you may have to brown the pieces and remove to a plate as you continue to brown all the meat using the SAUTE feature. (It will get hot.)
You can brown it on the stove, but who wants to wash another pan. That is why IP is easier than a crockpot.
Remove the browned steak and scrap the pan to loosen the yummy bits. You can add more flour and brown it, but it is not necessary. Return the meat to the IP and add enough water to cover the meat to make enough gravy. Make sure you set the valve to "SEAL." It takes only 10 minutes after the pressure builds up (You can hear the steam coming out of the valve.) The timer on the front will count down. When the time is finished on the IP a beep will tell you it is done and turn off the IP to keep warm. No more burned pots. This is why I use it every day.
**Notice the warnings on the lid. Protect your hands. I use a long spoon to move the valve to "VENT," a wet kitchen towel will protect your kitchen from the escaping steam. This IP cannot explode. READ AND FOLLOW DIRECTIONS. I have tried to turn the lid before all the pressure was released. You CANNOT get the lid off.
When I worked full time, I would buy a huge package of cubed steak and ask Mom, Bobbie Roberts, to cook some for her family and some for my family. Mom used two electric frying pans and let it simmer all day. It was the best. Some friends tell me they do theirs in the Crock Pot. If you know me, I am a spur of the moment. I want it now kind of cook. Being a home economics major, I was familiar with the top of the stove pressure cooker, but they take careful watching. In my retirement, I do not wear a watch. My hearing is so selective that I often miss the buzzer when boiling eggs. My BFF boiled her eggs dry today. Cleaning a pan with burned food is the pits. And it ruins my manicure!
That is why I love, love, love to cook in the Instant Pot. It cuts off after the programmed time. Use QUICK RELEASE. The worst that could happen is a greenish-gray ring may appear around hard-cooked egg yolks.