Place the chicken, broth, salt, pepper, garlic powder, and onion powder in the Instant Pot.
Secure the lid and set the valve to sealing.
Pressure cook on high for 10 minutes (15 minutes if frozen).
Allow a 5-minute natural release, then quick release any remaining pressure.
Transfer the chicken to a bowl and shred with two forks or a hand mixer.
Add some cooking liquid back to the shredded chicken for extra moisture, if desired.