Combine chili powder, paprika, thyme and brown sugar in small dish and mix thoroughly.
Using paper towels, completely pat the chicken dry. Starting with breasts side, sprinkle salt and pepper on chicken and then rub in spice blend. Flip the chicken and repeat.
Turn Instant Pot to sauté mode, normal (medium) setting. Allow to get hot and then add olive oil. Sear both sides of chicken for 4-5 minutes, breasts side first. Then add chicken broth.
Turn Instant Pot to off, then select manual (high) for 25-30 minutes (see notes). Place cover on Instant Pot and be sure that pressure release knob is in "sealing" position.
Allow for natural release (NR). Then remove chicken from Instant Pot and allow to set 10 minutes before serving. Use juices in Instant Pot for a delicious and savory gravy if desired.
For a 3 lb chicken, adjust pressure cooking time to 25 minutes.
For a 4 lb chicken, adjust pressure cooking time to 30 minutes.
When flipping the chicken during the searing process, use the largest tongs you have available. Be careful not to burn yourself!