Set the Instant Pot to sauté mode. Add olive oil, then sauté onions and garlic for 2-3 minutes until fragrant.
Add chicken pieces along with salt and pepper; cook for another 2-3 minutes until lightly browned.
Stir in rinsed rice, chicken broth, and frozen vegetables. Secure the lid and set the valve to sealing.
Cook on high pressure for 8 minutes. Allow natural pressure release for 5 minutes before quick releasing any remaining pressure.
Once opened, mix in heavy cream and cheddar cheese until creamy.
Serve hot garnished with fresh herbs if desired.
