Into the Instant Pot bowl, whisk together the Cream of Mushroom Soup, Onion Soup Mix, and Water. Add in beef and stir to combine.
Seal Instant Pot and set valve to "Sealing".
Select the "Meat/Stew" option on the pot settings and adjust time to 40 minutes.
Once cooking time is complete, let the Instant Pot sit for 12-15 minutes. After that time, quick release pressure, carefully turning the valve to the venting position.
Serve the beef tips over cooked egg noodles.
Note: This recipe can also be made in the slow cooker. Combine all of the ingredients and cook on Low for 8 hours.