Set Instant Pot to Saute function, on normal. Pour in the olive oil, let heat 1 minute. Add the onion and garlic and cook, stirring occasionally, until softened, about 4 minutes. Stir in the chicken,diced peppers, chili powder and cumin and cook until chicken is lightly seared.
Next add in the beans, corn, diced peppers and stir well.
Now layer, in the following order without stirring; chicken broth, salsa, rice. Spread rice out so that it is all just covered with liquid. DO NOT STIR.
Close and lock the lid. Cancel the Saute setting and set to High Pressure Cook for 4 minutes. Do a NPR for 6 minutes. Slowly open the vent to release the remaining steam.
Gently stir everything together, fluffing rice as you go. Divide between bowls and top with optional toppings of your choice.