Set the Instant Pot to saute on high for 3-4 minutes. When heated, add 1 tablespoon of olive oil, the cubed beef tenderloin pieces, sliced onion and chopped garlic. Saute to brown the beef, then drain extra grease and oil.
Add the beef broth, worcestershire sauce and red wine. Deglaze the pot by scraping the bottom with a wooden spoon to release any stuck pieces of food.
Add the dried thyme, dried oregano, dried rosemary, dried basil, salt and black pepper. Stir.
Close the pressure cooker lid and seal. Set to pressure cook or manual on high for 20 minutes. Let pressure release naturally for 10 minutes, then quickly release remaining pressure. Remove the meat and onions to a serving dish.
Mix the melted butter and flour together in a small bowl to form a paste. Whisk the paste into the pot of sauce. Set to saute on high for 6-8 minutes, whisking constantly until the sauce thickens into a gravy.
Serve beef tips with gravy, garnished with fresh herbs if desired.