Season chicken thighs with garlic powder, onion powder, smoked paprika, salt, and pepper.
Set the Instant Pot to 'Sauté' mode and heat olive oil.
Add chicken thighs skin-side down and sear for 5 minutes until golden.
Flip the chicken and sear the other side for another 5 minutes.
Remove chicken and set aside.
Pour in chicken broth and soy sauce, scraping up any browned bits.
Return chicken to the pot, skin-side up.
Close the lid and set the Instant Pot to 'Manual' for 10 minutes.
Perform a quick release of the steam once cooking is complete.
Remove chicken and let it rest for a few minutes before serving.