Step 1: Season the Beef - Add the sliced beef to a large bowl, then sprinkle it with the salt and pepper. Give it a good toss with clean hands or tongs so the seasoning gets all over the meat. I always like to season early because it makes the beef taste good from the inside out, not just like sauce sitting on top. Thin sliced beef is the key here, so take your time and cut across the grain if you can.
Step 2: Coat the Beef with Cornstarch - Sprinkle the first 2 tablespoons of cornstarch over the beef and toss until every strip has a light coating. This step might seem small, but it matters. The cornstarch helps the beef brown better in the skillet, and later it helps the sauce cling to the meat. That is how you get that glossy takeout style texture instead of a watery slow cooker sauce.
Step 3: Sear the Beef - Heat the oil in a large skillet over medium high heat. Add the beef in batches so the pan does not get crowded. Let it sear for 1 to 2 minutes, just until it gets a little browned on the outside. You are not trying to cook it all the way through here. You are just building flavor. Crowding the pan makes the beef steam instead of brown, so give it some room and work in batches if needed.
Step 4: Add Beef and Vegetables to the Slow Cooker - Transfer the browned beef to the slow cooker. Add the chopped red bell pepper, green bell pepper, and onion over the top. If your family likes softer vegetables, add them right away. If you want the peppers and onion to stay firmer and brighter, add them during the last 1 to 2 hours of cooking instead. I usually add them at the beginning when I want a cozy, soft, saucy dinner.
Step 5: Whisk the Sauce - In a bowl, whisk together the low sodium soy sauce, beef broth, brown sugar, hoisin sauce, rice vinegar, sesame oil, minced garlic, ground ginger, and crushed red pepper flakes. Take a second to make sure the brown sugar is mixed in well. This sauce is where all the big flavor comes from, so you want it smooth and ready to pour. It should smell sweet, salty, garlicky, and just a little spicy.
Step 6: Pour and Cook - Pour the sauce evenly over the beef and vegetables in the slow cooker. Cover and cook on low for 4 to 6 hours or on high for 2 to 3 hours, until the beef is tender. I prefer low when I have the time because the beef gets extra tender and the flavors settle in nicely. Try not to keep lifting the lid, even though it smells amazing. The slow cooker needs that heat trapped inside to do its job.
Step 7: Thicken the Sauce - In a small bowl, whisk together the remaining 2 tablespoons of cornstarch and 3 tablespoons of water until smooth. Stir that slurry into the slow cooker gently, making sure it blends into the sauce. Cover again and cook on high for another 10 to 15 minutes. The sauce will thicken and turn shiny. This is the moment when it goes from good slow cooker beef to that glossy kung pao beef you want over rice.
Step 8: Finish with Peanuts and Garnish - Stir in the roasted peanuts right before serving so they keep some crunch. Sprinkle with sliced green onions and sesame seeds if you are using them. Serve the beef warm over white rice or noodles, making sure to spoon plenty of sauce over the top. Around my table, the sauce is the thing everyone fights over, so do not be shy with it.