Heat the oil in the Instant Pot on the sauté setting. Add the onion and cook until softened, about 5 minutes. Add the garlic and jalapeños and cook for an additional minute.
Add the chicken, chili powder, cumin and paprika (if using). Cook for 1 minute.
Add the broth and beans. Lock the lid in place and set to Manual High Pressure for 10 minutes.
When done cooking, let the pressure release naturally for 10 minutes before manually releasing any remaining pressure.
Remove the lid and shred the chicken with two forks.