Turn the Instant Pot to sauté and add 2 Tbsp olive oil.
Add 1.5 lbs cube steak and brown on both sides (do not cook through). Work in batches if needed. Remove and set aside.
Add 1 cup beef broth and scrape the bottom of the pot.
Turn off the Instant Pot. Return the cube steak to the pot and sprinkle 1 package (2 oz) onion soup mix over the top. Add 2 cans (10.5 oz each) cream of mushroom soup.
Secure the lid and set the valve to sealing. Cook on high pressure for 15 minutes.
Allow natural release for 5 minutes, then quick release remaining pressure.
Remove the steak and set aside.
Turn sauté back on. Mix 2 Tbsp cornstarch with ½ cup water, then stir into the pot. Cook 2–3 minutes until thickened.
Cook 12 oz egg noodles separately according to package instructions.
Serve the cube steak and gravy over the egg noodles. Enjoy!