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In Instant Pot, add butter and olive oil. Press Sauté mode and heat oil until hot.
Add potatoes (may need to do this in 2 batches if your Instant Pot isn't a larger model) and brown them lightly on all sides, about 5 minutes per batch.
Add Italian seasoning, onion and garlic powders, paprika, salt and pepper; stir to coat potatoes.
Add stock, stir to combine, and close/lock the lid.
Seal the valve and set your Instant Pot to Pressure Cook on High for 5 minutes.
Once the 5 minutes are done, do a Quick Release; carefully move valve to the Vent position.
Once Quick Release is done, unlock lid and use rubber spatula to gently toss potatoes.
Add additional kosher salt and pepper to taste, if needed.
Gently transfer to serving plates, spooning sauce in bottom of the pot over the potatoes. Enjoy while hot.