Turn the Instant Pot to the ‘Sauté’ mode and add the olive oil.
In a medium bowl, season the chicken pieces with salt, black pepper, smoked paprika, garlic powder, and onion powder. Toss to coat evenly.
When the oil is hot, add the seasoned chicken pieces to the Instant Pot. Sauté for 3-4 minutes, stirring occasionally, until the chicken is lightly browned but not fully cooked.
Add the sliced onion, red bell pepper, green bell pepper, yellow bell pepper, and minced garlic to the Instant Pot. Stir to combine with the chicken.
In a small bowl, whisk together the chicken broth and tomato paste until smooth. Pour this mixture over the chicken and vegetables in the Instant Pot.
Sprinkle the dried oregano and crushed red pepper flakes evenly over the contents.
Cancel the ‘Sauté’ mode. Secure the Instant Pot lid and set the valve to the sealing position.
Select ‘Manual’ or ‘Pressure Cook’ mode and set the timer for 8 minutes at high pressure.
When the cooking cycle completes, allow the pressure to release naturally for 5 minutes, then carefully perform a quick release to release any remaining pressure.
Open the lid carefully. Stir the chicken and peppers to combine and check seasoning, adjusting salt and pepper if desired.
Serve hot over rice, pasta, or enjoy as is.