Turn Instant Pot to saute function. Add olive oil, onion and garlic and saute until softened, about 5 minutes.
Add cumin and chili powder and cook for 1 minute more.
Pour in chicken broth and diced tomatoes. Add black beans and corn.
Place chicken breasts in the Instant Pot.
Cancel saute function. Secure lid and set to high pressure for 8 minutes. Allow for 15 minutes natural pressure release, then quick release any remaining pressure.
Remove chicken from the Instant Pot and shred with two forks. Return shredded chicken to the pot.
Stir in cilantro. Season with salt and pepper to taste.
Serve hot with your favorite toppings (tortilla strips, avocado, sour cream, cheese).