Season the chicken thighs with salt, pepper, garlic powder, and onion powder.
Turn the Instant Pot to sauté mode and add olive oil.
Once hot, add the chicken thighs skin-side down and sear for 5 minutes.
Flip the thighs and sear for another 3 minutes.
Remove the chicken and set aside.
Pour in the chicken broth and soy sauce, scraping the bottom to deglaze.
Add the chicken thighs back into the pot, skin-side up.
Close the lid and set the valve to sealing.
Cook on high pressure for 10 minutes.
Allow a natural release for 5 minutes, then quick release the remaining pressure.