This Instant Pot chicken taco soup won't disappoint. Silky strained tomatoes add body, while shredded chicken, beans and spices add those rich and spicy familiar flavors. And don't forget the toppings! Melted cheese, creamy sour cream and crushed tortilla chips round out this new family favorite.
Combine chili powder, garlic powder, cumin and paprika in a small bowl; sprinkle the mixture evenly all over chicken. Set aside.
Select Sauté setting on a programmable pressure multicooker (such as Instant Pot; times, instructions and settings may vary according to cooker brand or model). Select High temperature setting and allow to preheat for 2 to 3 minutes. Add oil to the cooker. Working in 2 batches, add the chicken; cook until browned on both sides, about 3 minutes per side. Transfer the chicken to a plate.
Press Cancel. Add strained tomatoes, diced tomatoes, black beans, pinto beans, chiles, broth, corn and salt. Nestle the chicken into the mixture. Cover the cooker and lock the lid in place. Turn the steam release handle to Sealing position. Select Manual/Pressure Cook setting. Select High pressure for 10 minutes. (It will take 10 to 15 minutes for the cooker to come up to pressure before cooking begins.)
When the cooking has finished, carefully turn the steam release handle to Venting position and let steam fully escape (the float valve will drop; this will take 2 to 3 minutes). Remove the lid from the cooker. Transfer the chicken to a plate; using 2 forks, shred into bite-size pieces. Discard bones. Stir the chicken back into the soup. Ladle evenly into 8 bowls; top with cheese, chips, scallions, cilantro and sour cream.