Begin by taking the chicken breasts and patting them dry with paper towels. Season all sides evenly with the sea salt, black pepper, garlic powder, onion powder, and smoked paprika.
Turn on the Instant Pot and select the 'Sauté' function. Once hot, add the olive oil, followed by the seasoned chicken breasts. Sear the chicken for about 2 minutes on each side, or until it has a golden-brown crust.
Cancel the 'Sauté' function, remove the chicken, and deglaze the pot by pouring in the chicken broth, using a wooden spoon to scrape any bits off the bottom.
Place the chicken back into the pot with the broth. Secure the lid, setting the valve to 'sealing'. Select the 'Manual' or 'Pressure Cook' function and set the timer for 15 minutes at high pressure.
Once the cooking time has elapsed, allow for a natural pressure release for 10 minutes, then carefully turn the valve to 'venting' to release any remaining pressure.
Open the lid and transfer the chicken to a plate or bowl. Using two forks, shred the chicken into bite-sized pieces.
If desired, you can return the shredded chicken to the pot to soak up the flavorful broth for an extra minute or two, then serve.