Dry the beef cubes with a paper towel and place them in a large mixing bowl. Drizzle with 1 tablespoon of the oil, along with 2 teaspoons of salt, 1 teaspoon of pepper, and 1 teaspoon of garlic powder. Mix the seasonings into the beef thoroughly and set aside.
In a large pan or Dutch oven, heat 2 tablespoons of oil over high heat. Once hot, sear the beef cubes in two batches for 3 minutes on each side until nicely browned. Set the beef aside on a plate once done.
Pour a 1/4 cup of beef broth into the pan to deglaze, scraping up any bits stuck to the bottom. Then, reduce the heat to medium-high and sauté the chopped yellow onion for about 3 minutes until softened.
Whisk in the flour and gradually add the remaining beef broth, one splash at a time while stirring well after each. Let the mixture simmer and thicken, stirring occasionally for about 3-4 minutes.
Incorporate the soy sauce, Worcestershire sauce, paprika, the remaining pepper, kosher salt, and the bay leaf. Add the seared beef along with any juices collected on the plate, and adjust the heat to maintain a gentle simmer. Cover and cook for 1 hour and 15 minutes, or until the meat reaches your desired tenderness.