Set the Instant Pot to Saute mode and add the olive oil. Saute the diced onion and jalapeño for 3-4 minutes until softened. Add the minced garlic and cook for 30 seconds.
Pour in the chicken broth and stir, scraping up any bits from the bottom. Add the fire roasted diced tomatoes, black beans, and frozen corn.
Stir in the chili powder, cumin, smoked paprika, salt, and black pepper. Place the chicken breasts on top. Do not stir them in.
Lock the lid, set the valve to Sealing, and cook on High Pressure for 15 minutes.
Allow a natural pressure release for 10 minutes, then carefully turn the valve to Venting to release remaining pressure. Remove the lid once the pin drops.
Remove the chicken breasts and shred with two forks. Return the shredded chicken to the soup. Stir in the fresh lime juice and chopped cilantro.
Ladle into bowls and top with tortilla strips, diced avocado, sour cream, and shredded cheese.