Place 2 pounds of boneless, skinless chicken breasts into the Instant Pot inner pot.
Pour in 1 cup of low sodium chicken broth, then sprinkle 1 teaspoon garlic powder, 1 teaspoon onion powder, 0.5 teaspoon salt, and 0.25 teaspoon black pepper evenly over the chicken.
Secure the lid and set the sealing valve to 'Sealing.' Select 'Pressure Cook' (or 'Manual') and set to cook for 10 minutes.
When cooking is complete, let pressure release naturally for 5 minutes, then switch the valve to 'Venting' for a quick release. Once the pin drops, open the lid.
Remove the chicken and transfer to a large bowl. Shred using two forks or a hand mixer on low speed.
Stir the shredded chicken back into the remaining liquid in the Instant Pot to keep it moist and flavorful.