In a small bowl, combine the paprika, garlic powder, onion powder, thyme, oregano, salt and pepper.
Gently loosen the skin from the chicken breast, lifting and separating the skin from the meat with your fingers. Rub about 1 tablespoon of olive oil and about 1/3 (a third) of the seasonings under the skin. Next, rub another tablespoon of olive oil and the rest of the seasoning all over the chicken and chicken cavity.
Press the Saute function and add the remaining olive oil to the pot.
Place the chicken in the pot, breast side down and cook for about 4-5 minutes or until golden brown. Using kitchen tongs flip the chicken over and sear for about 5 minutes, or until brown.
Remove the chicken from the pot and pour in the chicken broth. Gently scrape the bottom of the Instapot with a wooden spoon to remove the brown bits that are stuck at the bottom.
Press Cancel/Warm and place the trivet at the bottom of the pot then lay the chicken on top of trivet, breast side up.
Close the lid and set the valve to "seal". Press the MANUAL or HIGH PRESSURE button and set the timer to 24 minutes (this is for a 4-pounds chicken). **Check the recipe notes for smaller/bigger chickens.
When done, let the pressure release naturally for 15 minutes, then do a quick release to get rid of any remaining pressure.
Open the lid and remove the chicken from the pot. Serve.
Optional: Place the chicken under the broiler for about 4-5 minutes for extra crispy skin.