Turn on the Instant Pot to the Sauté setting. Add olive oil and brown the chicken pieces on both sides. Turn off the pot.
Add both cans of soup, chicken broth, rice, onion powder, pepper, and salt. Stir to combine and ensure the rice is submerged.
Close the lid, set the valve to sealing, and cook on Manual/Pressure Cook for 10 minutes.
Allow a natural pressure release for 10 minutes, then do a quick release.
Stir the chicken and rice mixture. Sprinkle cheeses on top, close the lid for a few minutes to melt.
Garnish with parsley if desired and serve warm.