Place the frozen chicken breasts in the Instant Pot.
Pour the chicken broth or water over the chicken.
Drizzle olive oil over the chicken breasts if using, and then sprinkle garlic powder, onion powder, paprika, salt, and pepper evenly over the top.
Close the lid of the Instant Pot and ensure the valve is set to the sealing position.
Select the 'Manual' or 'Pressure Cook' function and set the timer for 20 minutes.
Once the cooking time is completed, let the pressure release naturally for 5 minutes, then perform a quick release to release any remaining pressure.
Carefully remove the chicken breasts from the pot using tongs.
Check for doneness; the internal temperature should reach 165°F. If they are not fully cooked, you can return them to the pot, seal, and cook for an additional 3-5 minutes under pressure.
Allow the chicken to rest for a few minutes before slicing or shredding as desired.