If using uncooked chicken breasts, start by cutting the chicken into bite-sized pieces.
Turn instant pot on sauté setting and add 2 tablespoons olive oil. Once heated, add the chicken and cook, stirring often, for 3 minutes.
Note: If you’re starting with cooked chicken, you can skip the first step and just add the chicken to the Instant Pot with the rest of the ingredients.
Turn off instant pot.
Add the chicken broth, corn, diced tomatoes, black beans, green chilies, salsa, onion, garlic powder, cumin, and taco seasoning to the pot with the chicken. Stir well.
Seal the Instant Pot lid and turn the valve to sealing. Pressure cook on high pressure for 6 minutes.
Allow the Instant Pot to naturally release for 2 minutes (by leaving it off after it finishes cooking). Then, carefully do a quick pressure release by using a towel or potholder to carefully turn the valve to venting to release the steam and pressure.
Crumble a handful of tortilla chips and place in bottom of individual bowls. Ladle soup over chips and garnish with desired toppings.