Add of olive oil (1 tablespoon) to instant pot and hit Saute button, then hit adjust button to set to More.
Season diced chicken breasts (1 pound) with of kosher salt and 1/2 teaspoon of black pepper.
Once oil is hot, add chicken to pot in two batches to encourage browning.
Once chicken is browned, add yellow onion (1/4 cup) and cook until they start to soften.
Add an additional of olive oil (2 tablespoons) and extra-long grain rice (1 cup) and toast uncooked rice for about 2 minutes or just until some grains start to turn golden brown.
Stir in black beans, fire-roasted diced tomatoes, low-sodium chicken broth (2 1/4 cups), garlic powder (1 teaspoon), onion powder (1 teaspoon), chili powder (2 teaspoons), paprika (1/2 teaspoon) and cumin (1 teaspoon).
Lock instant pot lid in place and set to Manual, High Pressure for 7 minutes.
Use Quick Pressure Release, and once pressure pin drops, open instant pot and fluff Chicken Burrito Bowl with fork. Sprinkle with Colby Jack Monterey cheese (2 cups), recover and let set for 2-3 minutes to melt cheese.
Garnish with fresh tomatoes, green onions, sour cream and guacamole.