Start by seasoning the chicken breasts. In a small bowl, mix together garlic powder, onion powder, paprika, salt, and black pepper. Rub this mixture evenly over both sides of each chicken breast.
Set your Instant Pot to 'Sauté' mode and add the olive oil. Once hot, place the chicken breasts in the pot. Sear for about 2-3 minutes on each side until they are golden brown.
Remove the chicken from the pot and set it aside.
Pour the chicken broth into the pot, using a wooden spoon to scrape up any browned bits from the bottom.
Place the trivet inside the Instant Pot and arrange the chicken breasts on top.
Close the lid, set the valve to sealing, and cook on high pressure for 12 minutes.
Once the cooking time is up, allow for a natural release for 5 minutes, then quick release any remaining pressure.
Carefully remove the chicken from the pot using tongs. Let it rest for a few minutes before slicing. Garnish with fresh parsley if desired.