Pour chicken broth into a multi-functional pressure cooker (such as Instant Pot). Add chicken breast and season with salt and pepper.
Mix together paprika, parsley, thyme, and garlic powder in a small bowl; sprinkle over chicken. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 10 minutes. Allow 10 minutes for pressure to build.
Release pressure using the natural-release method according to manufacturer's instructions, about 10 minutes. Transfer chicken to a cutting board to cool. Chop or shred for later use.