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Prep: Season the chicken thighs on both sides with garlic powder, paprika, pepper, salt and oregano. Set the Instant Pot to the Saute setting and add the olive oil to heat.
Cook Chicken: When the olive oil is hot, add the chicken thighs and sear on all sides for 2 to 3 minutes per side, skin side down first. Do it in batches if not all the thighs fit. Remove the chicken from the Instant Pot and set aside.
Add Broth: Pour the chicken broth into the Instant Pot and use a wooden spoon to scrape the brown bits from the bottom of the insert. Place the trivet inside. Place the chicken on top of the trivet and close the Instant Pot lid.
Cook: Set the valve to sealing and set the Instant Pot to Manual/High Pressure for 12 minutes. It will take about 10 minutes to come to pressure. When the time is up, let the Instant Pot release naturally for 10 minutes then release remaining pressure. Place the chicken on a plate and let it rest. Remove the trivet from the instant pot.
Make Gravy: In a small bowl whisk together the cornstarch and ¼ cup water to make a slurry. Add the slurry to the Instant pot and stir until thickened. You can press the "saute" function to simmer it for a few minutes to help thicken the gravy.
Serve: Serve the chicken thighs with gravy over mashed potatoes.