In a bowl, combine the garlic powder, onion powder, paprika, salt, black pepper, and cayenne pepper. Toss the chicken pieces in the spice mixture until evenly coated.
Set your Instant Pot to the sauté function and add the olive oil. Once hot, add the seasoned chicken pieces in a single layer. Sauté for about 3-4 minutes until browned, stirring occasionally. You may need to do this in batches to avoid overcrowding.
Once all the chicken is browned, add the chicken broth to the pot, scraping up any browned bits from the bottom.
Close the lid of the Instant Pot, ensuring the valve is set to sealing. Cook on high pressure for 8 minutes.
After the cooking time is up, allow for a natural release for 5 minutes, then carefully switch the valve to venting to release any remaining pressure.
In a small bowl, mix the cornstarch and water to create a slurry. Turn the Instant Pot back to the sauté function, and stir in the slurry. Cook for 2-3 minutes until the sauce thickens.
Serve the chicken bites hot, drizzled with the thickened sauce.