Set the Instant Pot to Sauté, add the olive oil, and sear the chicken for a couple minutes per side until lightly golden. You don’t need to fully cook it, just brown it for flavor. Remove and set aside.
Add diced onion to the pot and cook for 2–3 minutes until soft. Stir in garlic and cook for another 30 seconds. Turn off Sauté mode.
Pour in chicken broth, scraping up any browned bits. Stir in Worcestershire sauce and cream of chicken soup until smooth. Stir in salt, pepper, onion powder, garlic powder, paprika and thyme. Return the chicken to the pot and nestle it in the gravy.
Seal the lid, set the valve to Sealing, and cook on High Pressure for 12 minutes. Allow a natural release for 10 minutes, then quick release any remaining pressure.
Remove the chicken and shred with two forks. Meanwhile, turn Instant Pot back to Sauté, whisk together cornstarch and cold water, then stir it into the gravy. Simmer until thickened to your liking.
Return shredded chicken to the pot and stir. Serve hot over mashed potatoes, rice, or biscuits. Garnish with chopped parsley.