Place a dutch oven or large pot on stovetop over medium heat. Add 2 tbsp olive oil.
Pat beef tips dry with paper towels and then season them with salt and pepper and/or any other seasonings you like.
Sear beef in hot oil for about 5 minutes all sides so they're no longer pink.
Remove tips and add diced onions. Cook until softened and scrape bottom of pot to remove stuck on pieces and flavors mix together.
Add tips into pot again with broth, onion soup mix, and bay leaves.
Simmer for 30 minutes.
Scoop our 1/2 c of hot broth out of pot and whisk with cornstarch until it is smooth.
Pour back into pot and increase heat to high. Bring to a boil, then reduce heat and simmer until broth becomes thicker. Taste and adjust seasonings, remove bay leaves and serve.