Season the chicken breasts with the cumin, chili powder, garlic powder, onion powder, salt, and black pepper.
Pour the chicken broth and salsa into the Instant Pot. Stir to combine. Place the seasoned chicken breasts in the pot, pressing them into the salsa.
Lock the lid, set the valve to Sealing, and cook on High Pressure for 12 minutes.
Allow a natural pressure release for 5 minutes, then carefully turn the valve to Venting to release remaining pressure. Remove the lid once the pin drops.
Remove the chicken and shred it with two forks. Meanwhile, stir the black beans and frozen corn into the pot. Set the Instant Pot to Saute mode and let it simmer for 3-4 minutes until the corn is heated through.
Return the shredded chicken to the pot and stir everything together. Turn off the heat and sprinkle the shredded cheese on top. Place the lid on for 2 minutes to melt the cheese.
Serve over rice or in tortillas, garnished with fresh cilantro and a squeeze of lime.