Turn Instant Pot to sauté setting and add in olive oil. Once oil is hot, add in the onion, garlic, and jalapeno. Sauté for 2-3 minutes or until veggies are tender.
Add the cumin, paprika, chili powder, salt, and black pepper, then cook for just 1 minute.
Add in the drained beans, chicken breast, diced green chiles, and chicken broth (in that order). Secure the lid and cook on high pressure for 15 minutes, then manually release the steam.
Remove chicken from Instant Pot and shred with two forks before adding back into the pot. While chili is still hot, add in the sour cream, cream cheese, and fresh cilantro then stir to combine. Serve warm with tortilla chips, additional cilantro, fresh avocado, and lime wedges.