Cut the chicken into 1 inch pieces. In a bowl, combine chicken pieces with salt, pepper, cumin, garlic powder and chopped cilantro. Set aside.
Heat the instant pot to saute. Add in the olive oil. Saute the yellow onion for 3-4 minutes. Stir occasionally. Add in garlic and stir for 30 seconds.
Add in seasoned cubed chicken, followed by the salsa, chicken broth, diced green chiles, and black beans. Stir to combine ingredients. Pour rice on top of all the ingredients (do not stir!). Attach the lid and seal. Be sure the valve on top is set to sealing and not venting.
Turn the pot on high for 10 minutes. Natural release for 2 minutes and then quick release by turning the valve to venting (be careful and use a towel or pot holder so the stream doesn’t burn your hand). Serve and garnish with your favorite toppings.