Combine flour, paprika, onion powder, and garlic powder in a resealable plastic bag; shake to mix. Add beef a few pieces at a time and shake to coat.
Heat oil in a Dutch oven over medium-high heat. Add beef and brown on both sides, 5 to 7 minutes. Transfer beef to a baking pan and keep warm.
Saute onion in the beef drippings in the Dutch oven; cook until tender, about 5 minutes. Stir in cream of chicken soup, beef broth, water, and pepper. Bring gravy to a boil. Remove from heat.
Pour gravy over beef in the baking pan. Cover with aluminum foil.
Bake in the preheated oven until tender, about 2 hours.
