Add the oil and onion to the Instant Pot, then set it to sauté mode on medium heat and cook until the onion becomes translucent, about 2 minutes.
Add garlic, tomato paste, jalapeño, chili powder, cumin, onion powder, garlic powder, salt and pepper, stir and cook for another 30 seconds, then turn the Instant Pot off.
Stir in chicken, then add the rotel and chicken broth, stirring to fully combine.
Sprinkle on the rice, but do not mix it in. Layer on the corn and beans, then pour on the enchilada sauce, gently spreading it out. Be sure to keep these ingredients layered; do not stir into the rice.
Secure the lid on the pot, turn the valve to the sealing position, then set to manual pressure / high pressure for 6 minutes.
Once the time is up, allow for a natural pressure release of 10 minutes, then manually release the remaining pressure. Open the lid and stir.
Add half of the cheese, then stir again to combine. Sprinkle the remaining cheese on top and cover the Instant Pot with the lid and let it melt for 4-5 minutes.
Serve with freshly chopped cilantro or sliced green onions for garnish and sliced avocado and lime wedges, if desired.