Turn the instant pot on saute and add the olive oil and onion. Saute the onion for 2-3 minutes until tender. Add the garlic and cook for one more minute.
Pour in the chicken broth, stirring with a wooden spoon to deglaze the bottom of the pot.
Turn the instant pot off.
Add the chicken breasts, beans, corn, tomato sauce, salsa, and taco seasoning and stir well.
Place the lid on the instant pot and set the pressure valve to sealing.
Turn the instant pot to manual, high pressure, for 20 minutes. Quick release the pressure (NOTE: If liquid starts to come from the valve, seal, wait 5 minutes, and then release pressure.)
Use two forks to shred the chicken and stir the soup well. Serve immediately with chips, cheese, and sour cream.
NOTE: I do not include time for the pot to come to pressure in this recipe. For me, it only took a couple of minutes. It is not included due to the fact that this seems to vary based on which pot you have.