Set electric pressure cooker to the saute setting. Heat olive oil until it shimmers but doesn't smoke. Add the onion and cook until soft, about two minutes. Add the garlic and cook an additional minute. Add chili powder and salt. Stir to combine. Add the chicken, black beans, rice, and salsa. Stir. Pour chicken broth over the mixture.
Lock the lid in place. Set a 10-minute cook time on high pressure.
Once the cook time completes, quickly release the pressure.
Open the lid away from your face. Stir with a wooden spoon or rubber spatula.
Serve with chopped cilantro and grated cheddar.