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Stir together the oregano, garlic powder, paprika, salt, and pepper in a small bowl. Rub the mixture all over the chicken.
Pour oil into the pot of an Instant Pot and select “Saute.” Once the oil is hot, add the chicken, skin side down. Cook until browned, and the chicken thighs easily release from the pot, about 4 minutes. Flip and cook until browned on the other side, 3 to 4 minutes. Hit Cancel to turn off the Instant Pot. Move the chicken to a plate.
Place a trivet in the pot and add the broth. Place the browned chicken on the trivet, skin side up.
Secure the lid and turn the steam release valve to Sealed. Cook on High pressure for 10 minutes if using bone-in, and 5 minutes if using boneless. Allow the pressure to release naturally for 5 minutes, then release the remaining pressure manually. Let the chicken thighs rest for 5 minutes before serving.