In a small bowl, combine the salt, pepper, garlic powder, onion powder and olive oil. Mix together and rub over the entire surface of the chicken breasts.
Place a trivet into Instant Pot and pour the chicken broth into it. Place the chicken breasts in a single layer on top of the trivet.
Place the cover on the pot and set timer to 5 minutes (for thawed breasts) or 10 minutes (for frozen breasts) on high pressure (pressure cook setting). It will take the IP around 10 minutes to build up pressure before it begins cooking.
When cooking time is done, let the pressure release naturally for 5 minutes then set to Quick Release. Let the float valve drop and remove the cover.
Remove chicken from the pot and serve! Pour liquid from the pot over the tops, if desired, or shred and add back to liquid.