Set your Instant Pot to the sauté function. Add the olive oil and let it warm. Season the chicken with cumin, paprika, garlic powder, onion powder, salt, and pepper. Sear the chicken for about 2 minutes per side until lightly browned. It doesn’t need to cook through at this stage.
Add the onion and garlic to the pot. Sauté for 1–2 minutes until they start to soften and become fragrant.
Stir in the diced tomatoes with their juice, tomato paste, black beans, corn, and chicken broth. Give everything a good stir, and scrape up any browned bits from the bottom of the pot.
Seal the Instant Pot and cook on high pressure for 10 minutes. When the timer beeps, perform a quick release.
Transfer the chicken to a plate and shred it with two forks. Return the shredded chicken to the pot and stir to combine. If you want a brighter finish, stir in lime juice. Taste and adjust salt if needed.
Serve with your favorite toppings: chopped cilantro, shredded cheese, avocado slices, or a dollop of sour cream. A squeeze of lime is a nice touch.