Place the pork tenderloins in a large tray or baking sheet. Most likely your package included two pork tenderloins (sometimes weighting up to 3 pounds and that is OK).
Pat the pork tenderloins dry with paper towels to get a nice sear (optional but recommended).
In a small mixing bowl, combine the garlic, chili powder, salt, paprika, Italian seasoning and black pepper.
Season each tenderloin generously with the spice mixture. using your hands, rub the seasoning on all sides.
Set the Instant Pot to the sauté setting and add the olive oil. Once the oil is hot, add the pork and sear on both sides for about 3 minutes per side or until lightly browned. When done, transfer the pork back to the large tray or baking sheet.
Turn off the sauté setting, and deglaze the Instant pot by pouring in the chicken broth. With a wooden spoon, scrape up any brown bits stuck at the bottom of the pot.
Place the trivet (pressure cooker rack) inside the pot and place the tenderloins on top of the rack coiling them to fit as needed. If you don't have a trivet/rack, it's fine. Simply place the meat at the bottom of the pot.
Close the pot, lock the lid and make sure the valve is in the sealing position.. Cook on HIGH (manual) pressure for 5 minutes. When the cooking time is done, allow the pot to naturally release the pressure for 10 minutes.
Release the remaining pressure and open the lid. With an instant-read thermometer test the pork for doneness. The internal temperature should be between 140º - 145º F. At 140ºF the carryover cooking while the meat rests, will bring up the temperature between 5-8 degrees. If lower than 140ºF close and lock the lid and allow the pork to continue to cook in the residual heat for 3-4 additional minutes.
Transfer the pork from to a serving platter or a cutting board. Tent the pork with aluminum foil and allow it to rest for 10 minutes before slicing. Make the sauce.
If used, carefully remove the trivet from the instant pot. In a small make a slurry by mixing the cornstarch and water in a small mixing bowl.
Set the Instant Pot to the sauté feature and stir in the cornstarch slurry. Allow the sauce to thickened, stirring often (about 2 minutes). Turn the sauté function off and keep the pot off/warm. The sauce will continue to thicken a bit with the residual heat.
Slice the pork crosswise into medallions (about 1/2-inch thick) and then, add the medallions back to the Instant Pot to quickly warm up allowing the meat get coated with the sauce or serve the pork medallions pouring the sauce on top.Note: If you feel the pork is a bit too pink for your taste, transfer the sliced pork medallions to the pot, close the lid and allow the meat to warm up with the sauce for about 3 minutes.