Season the chicken: Pat chicken thighs dry. Mix paprika, garlic powder, onion powder, thyme, salt, and pepper in a bowl. Rub the spice mix over the thighs.
Sauté aromatics: Set Instant Pot to Sauté mode. Heat olive oil, add onion and garlic, and cook for 1-2 minutes until fragrant.
Sear chicken (optional): Add thighs, skin-side down if using skin-on. Sear for 2-3 minutes per side until golden. Remove and set aside.
Deglaze pot: Pour in chicken broth and soy sauce, scraping up browned bits.
Pressure cook: Return thighs to pot. Secure lid, set valve to Sealing, and cook on High Pressure for 7 minutes (boneless) or 10 minutes (bone-in).
Natural release: Allow a 5-minute natural pressure release, then turn valve to Venting.
Serve: Remove thighs and serve with sides like mashed potatoes or vegetables.