Season chicken all over with poultry seasoning, paprika, and salt. Set your Instant Pot to sauté on Normal. When the display says Hot, add butter and oil; heat until butter is melted. Add chicken and cook for about 8 minutes, turning often and adding more oil as necessary, until browned on all sides. Using tongs, transfer chicken to a plate.
Pour in broth and cook, scraping up any browned bits from the bottom of the pot, for about 1 minute. Add bay leaf (if using). Press Cancel.
Place the steam rack in the pot. Transfer chicken to the rack, breast side up. Add any accumulated juices from the chicken.
Close and lock the lid and turn the steam release handle to Sealing. Set your Instant Pot to pressure cook on High for 18 minutes.
When the cooking time is done, press Cancel and turn the steam release handle to Venting. When the float valve drops down, remove the lid.
An instant-read thermometer inserted in the thickest part of the breast should register at least 165°F (74°C). (If more cooking time is needed, continue pressure cooking on High for 2 minutes.)
Transfer chicken to a cutting board, cover with foil and let rest for 10 minutes or until ready to carve or shred. Strain cooking liquid and make gravy (see tip), or let cool, cover and refrigerate for up to 3 days to use as stock (see tip).