In a large skillet, heat olive oil over medium-high heat. Season the steak cubes with salt and pepper, then sear them in the skillet until browned on all sides. Remove from heat and set aside.
In a slow cooker, layer the diced potatoes and chopped onion.
Add the seared steak on top of the potatoes and onions.
In a small bowl, mix together the beef broth, Worcestershire sauce, garlic powder, and onion powder. Pour this mixture over the steak and vegetables in the slow cooker.
Cover and cook on low for 6-8 hours or on high for 3-4 hours, until the potatoes are tender and the steak is cooked through.
About 15 minutes before serving, sprinkle the shredded cheddar cheese on top, cover, and allow it to melt.
Serve hot, topped with a dollop of sour cream and garnished with chopped chives.