Heat the vegetable oil in a skillet over medium-high heat. Add the sliced beef sirloin and sear until browned (about 3-4 minutes). This step is optional but enhances flavor.
In the crock pot, place the sliced onions, bell peppers, and garlic at the bottom.
Layer the seared steak on top of the vegetables in the crock pot.
In a mixing bowl, combine the diced tomatoes (with juice), beef broth, soy sauce, Worcestershire sauce, brown sugar, black pepper, garlic powder, and onion powder. Stir well and pour the mixture over the meat and vegetables in the crock pot.
Cover the crock pot and cook on low for 6 hours or on high for 3 hours, until the meat is tender.
About 30 minutes before serving, mix cornstarch with water in a small bowl and add to the crock pot to thicken the sauce. Stir to combine and let it cook for the remaining time.
Serve the pepper steak over cooked rice or noodles if desired.