Set the Instant Pot to sauté on medium heat and add the oil and onion. Cook until the onion becomes translucent, about 2 minutes.
Stir in the garlic, tomato paste, jalapeño, onion powder, cumin, garlic powder, chili powder, salt and pepper. Cook for another 30 seconds, then turn the Instant Pot off.
Stir in the chicken breast, Rotel, and chicken broth, stirring to fully combine.
Pour in the rice, but do not stir it in. Add the corn and beans and pour on the enchilada sauce over the rice. Gently spread ingredients out but keep them layered. Do not stir!
Secure the lid on the pot and turn the valve to sealing, then set the Instant Pot to pressure cook / manual pressure for 6 minutes. (It will take about 10 minutes for the pressure to build up before the timer starts.)
Once the time is up, allow for a 10 minute natural release, then carefully quick-release any remaining steam before removing the lid and stirring.
Stir in half of the cheese, then sprinkle the remaining cheese on top, cover the pot with the lid again, 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.