Remove any giblets from the chicken and pat the chicken dry with paper towels.
Rub the chicken all over with the olive oil, then season evenly with the salt, black pepper, garlic powder, and paprika.
Place the trivet in the Instant Pot and pour in 1 cup chicken broth.
Arrange the halved lemon and quartered onion around the trivet, then set the seasoned chicken on the trivet breast-side up.
Secure the lid, set the valve to sealing, and cook on high pressure (manual) for 35 minutes.
Allow the pressure to release naturally for 10–15 minutes, then carefully quick-release any remaining pressure and open the lid.
Use tongs to carefully remove the chicken from the Instant Pot to a cutting board or baking sheet.
Optional: For crispier skin, place the chicken under a preheated broiler on high for about 5 minutes, watching closely until the skin is browned.