Press the saute button on your Instant Pot. Add 1 Tbsp. vegetable oil to the pot. Once hot, add ½ peeled and chopped yellow onion and cook for 2-3 minutes or until soft.
Add 2 cloves minced garlic and cook for 1 minute, stirring constantly to prevent burning. Turn off the Instant Pot.
Add 2 fresh or frozen chicken breasts, 6 cups chicken broth, 15 oz. drained canned corn, 14.5 oz. canned diced tomatoes with green chilies, 15 oz. drained and rinsed canned black beans, 1 Tbsp. chili powder, ½ Tbsp. oregano, ½ tsp. cumin, ½ tsp. salt, and ¼ tsp. pepper to the Instant Pot. Give everything a quick stir.
Cover and secure the Instant Pot lid. Be sure the release valve is set to seal. Press the “soup” setting button and then the “manual” button. Use the + and – buttons to set the soup for 15 minutes.
The Instant Pot will beep to signal the soup is done cooking after 15 minutes. Turn off the Instant Pot and let it sit for 20 minutes. After 20 minutes, carefully turn the release valve to vent (use tongs or a kitchen towel to prevent scalding) and wait until no more steam comes out. Carefully remove the lid.
Remove the chicken breasts to a plate and shred using two forks. Return to the pot and stir to combine. Add 2 cups cooked rice to the pot and stir to combine.
Serve and enjoy!