Press "Sauté" on the Instant Pot. Once hot, add the oil and onion, and cook, stirring occasionally, for 3 to 4 minutes until the onion starts to soften.
While the onion cooks, season the chicken pieces with the salt and pepper.
Add the minced garlic and stir for about 1 minute.
Pour in the chicken broth, scraping up any residue stuck to the bottom of the pot.
Add the chili powder, cumin, seasoned chicken, black beans, corn, and salsa. Stir well to combine.
Layer the rice on top of the mixture, pressing the grains into the liquid so every grain is submerged.
Press "Cancel." Close and lock the lid, and make sure the valve is set to sealing.
Set the Instant Pot to high pressure for 10 minutes. Once the cook time is up, do a manual release.
Open the lid and gently mix everything together. Divide into bowls and top with cheese, cilantro, and any other toppings you like—diced tomatoes, sour cream, and avocado all work well.