In a small bowl, combine 1 teaspoon salt, 1/2 teaspoon pepper, 1 teaspoon smoked paprika, 1/2 teaspoon garlic powder, and 1/4 teaspoon onion powder.
Pat the 4–5 pound whole chicken dry with paper towels. Rub the spice mixture evenly all over the outside of the chicken.
Set the Instant Pot to Sauté and add 1 tablespoon olive oil. When the oil is hot, place the chicken breast-side down in the pot and brown for 4–5 minutes.
Carefully flip the chicken so it is breast-side up. Pour 1 cup chicken broth into the pot around the chicken.
Seal the Instant Pot lid and select Manual/Pressure Cook on high for 25 minutes.
When cooking finishes, allow the pressure to release naturally. Once pressure is fully released, open the lid and remove the chicken.
Let the chicken rest a few minutes before carving and serving.
