Start by seasoning the chicken breasts. In a small bowl, mix together salt, black pepper, garlic powder, onion powder, and paprika. Rub this mixture evenly over both sides of each chicken breast.

Add the olive oil to the Instant Pot and select the 'Sauté' function. Once the oil is hot, add the seasoned chicken breasts. Sauté for about 2-3 minutes on each side until they are lightly browned.

Remove the chicken breasts from the pot and set them aside on a plate. Pour in the chicken broth (or water) to deglaze the pot, scraping any brown bits from the bottom with a wooden spoon.

Place the chicken breasts back into the Instant Pot, ensuring they are submerged in the broth.

Close the Instant Pot lid and set the valve to 'Sealing.' Select the 'Manual' (or 'Pressure Cook') setting and set the cooking time for 10 minutes.

After the cooking time is complete, allow for a natural pressure release for about 5 minutes, then switch the valve to 'Vent' to release any remaining pressure.

Carefully remove the lid and check the internal temperature of the chicken breasts. They should read 165°F (75°C). If they aren’t fully cooked, return them to the pot and cook for an additional 1-2 minutes on high pressure.

Remove the chicken from the pot and let it rest for a few minutes before slicing. Serve whole or sliced, drizzled with the cooking liquid from the pot for extra flavor.