Combine garlic powder, onion powder, paprika, oregano, salt and pepper in a small bowl and mix well. Rub the mixture over the surface of the chicken.
Set Instant Pot to saute setting and add the olive oil. Add chicken, breast side down to the pot and cook for 5 minutes or until golden brown. Flip chicken over and cook 5 minutes on the other side.
Remove chicken from pot and add chicken broth. Deglaze pot (remove bits from bottom using a spoon), place trivet inside and add the chicken, breast side up.
Place the cover on the pot and set timer to 30 minutes on high pressure. It will take the IP around 10-11 minutes to build up pressure before it begins cooking.
When cooking time is done, let the pressure release naturally for 15 minutes then set to Quick Release. Let the float valve drop and remove the cover.
Remove chicken and serve!