Rub a packet of taco seasoning over the entire surfaces of 2 boneless chicken breasts. Set the Instant Pot to saute function. Let the olive oil heat inside the pot for 3 minutes. Place the seasoned chicken in the pot. Cook the chicken for 3 minutes per side.
Press the cancel button to stop the sauté setting from continuing to cook.
Add chicken broth, corn, black beans, salsa (or diced tomatoes) and green chiles to the pot. Deglaze the pot (scrape the bottom with a spoon) and mix well. Pour 1 cup of rice into the pot, ensuring it is fully immersed in liquid. Do not stir the mixture after this point.
Close pressure valve, secure lid and set the timer to 10 minutes on high pressure (use the pressure cook button). It will take the Instant Pot around 19 minutes to build up pressure before it begins cooking.
When cook time is up, do an immediate quick pressure release. Remove cover and transfer the chicken breasts to a cutting board. Using two forks, shred the chicken. Add the shredded chicken back to the pot. Mix well and sprinkle the cheese over the top.
Let sit for 5 minutes, then scoop into bowls and serve! Top with your favorite toppings.