Set your Instant Pot to sauté mode. Once hot, add olive oil and chicken. Season with salt, pepper, garlic powder, onion powder, and paprika. Cook for 3-4 minutes, just until the chicken starts to brown.
Cancel sauté mode. Pour in chicken broth and stir to deglaze the bottom of the pot. Add the condensed cheddar soup and rice. Stir well to combine.
Secure the lid, set the valve to sealing, and cook on manual high pressure for 10 minutes.
Let the pressure release naturally for 5 minutes, then carefully quick release any remaining pressure.
Remove the lid, fluff the rice with a fork, and stir in shredded cheddar cheese and bacon bits until melted and creamy.
Serve hot, topped with green onions if you’re feeling fancy. Or not. It’s delicious either way.