In a medium bowl, add soy sauce, light/dark brown sugar, hoisin sauce, rice vinegar, minced garlic, minced ginger, red pepper flakes, and black pepper. Mix well to combine. Add 3/4 cup of beef stock or water, mix everything and set it aside. You can make the sauce a day ahead and store it in the refrigerator.
Press 'SAUTE' button, and set it to 'NORMAL'. Once it displays 'HOT', add oil, place the beef strips in a single layer. Sear it for about 2 minutes on one side, then flip and cook the side for another minute. Do not crowd the pot by piling the beef, it will steam in its own juices. I did this in 3 batches. Transfer the beef to a plate and set aside.
Add 1/4 cup of beef stock or water, scrape off the browned bits with a wooden spatula. Make sure nothing is stuck or else you may get a 'BURN' message.
Add the prepared Mongolian sauce mixture and the beef along with its juices. Mix lightly.
Close the lid of the Instant Pot. Set the valve to 'SEALING'. Pressure cook on high for 10 minutes. It will take some time for the pressure to build up (about 5 minutes), after which the timer will begin. You can prepare the cornstarch slurry during this time, and set it aside.
Let the pot depressurize for 10 minutes. Then do a quick release of any leftover pressure as per the manufacturer's instructions. Once the silver pin drops, turn the knob to 'VENTING' and open the lid away from you.
Press the 'CANCEL' button and turn on the 'SAUTE' button. Push the meat to one side of the pot. Once the sauce begins to bubble, add the cornstarch slurry (whisk it again before pouring as cornstarch settles down) into the sauce, and keep stirring until it thickens and turns glossy. Mix the beef with the sauce to coat it evenly.
You can add some scallion greens cut into 2 inches and mix it in. Finish off with sesame oil. Press the 'CANCEL' button and switch off the Instant Pot. Serve hot with steamed rice and sides of your choice. Garnish with more scallion greens and toasted sesame seeds if desired.