Turn Instant Pot to saute, pour in 2 tbs olive oil and allow to heat.
Cut chicken into bite sized pieces. Sprinkle salt and pepper over chicken. Place in pot and cook all sides until browned, 4-6 minutes. Remove to a plate and set aside.
Add 2 tbs olive oil. Add diced onion and uncooked rice. Saute for several minutes, stirring frequently until some rice grains are toasted.
Stir in black beans, corn, tomatoes, chicken broth, garlic powder, onion powder, paprika, chili powder, salt, and pepper. Use a wooden spoon to thoroughly scrape up any browned bits on bottom of pot.
Add chicken pieces back to pot, nestle in the liquid.
Lock Instant Pot lid in place, set valve to sealing, and cook on manual pressure for 12 minutes.
Perform a quick release, and remove lid when pin drops. Fluff rice with a fork.
Sprinkle cheese over top, cover with lid, and allow cheese to fully melt, 3-4 minutes.
Serve and enjoy with your favorite toppings!