Rinse the 2 cups of dry white rice under cold water until the water runs clear, then drain well.
Heat 2 cups low-sodium chicken broth until hot and just boiling (microwave for about 3 minutes or warm on the stovetop).
Whisk the 2 teaspoons chicken bouillon paste, 1 tablespoon garlic powder, 1 tablespoon onion powder, 1 teaspoon Old Bay seasoning, 1 teaspoon seasoned salt, and 2 tablespoons vegetable oil into the hot broth until combined.
Place the drained rice in the Instant Pot and pour the seasoned broth over the rice. Seal the lid and set to high pressure for 5 minutes.
When the cooking cycle finishes, allow a natural pressure release for 10 minutes, then carefully release any remaining pressure and open the pot.
During the last 5 minutes of the natural release, prepare the sauce: heat 1 cup low-sodium chicken broth until hot, then whisk in 3 tablespoons unsalted butter until melted, 1 tablespoon dried parsley, 1 teaspoon chicken bouillon paste, 1/4 cup milk, and 2 tablespoons cornstarch until smooth and lump-free.
Pour the hot sauce into the cooked rice and stir thoroughly while the rice is still in the pot so the heat helps thicken and incorporate the sauce.
Serve the rice warm as a side dish.
