Heat oil in a Dutch oven over high heat. Add beef, green bell pepper, onion, steak seasoning, salt, and black pepper; cook and stir until beef is browned and almost cooked through, 15 to 20 minutes. Do not drain beef.
Reduce heat to medium. Add beef broth, garlic, Worcestershire sauce, and bay leaf to beef mixture; continue cooking until liquid thickens and beef is cooked through, about 15 minutes.
Reduce heat to low. Stir in gravy mix. Cook, covered, until gravy is thick and beef is tender, about 10 minutes.
