In a small bowl, combine chili powder, cumin, smoked paprika, salt and pepper. Add the olive oil to the Instant pot, and set to ‘Sauté’. While the oil heats, season the chicken thighs all over with about half of the chili powder mixture, reserving the rest.
Once the oil is shimmering, add chicken thighs and cook for about 6 minutes total, flipping halfway through cooking time. Remove from the instant pot and set aside. They should be lightly golden brown but not yet cooked through.
Add onion, jalepeño, garlic and remaining spice mixture to the Instant pot and cook for about 3 minutes, or until the onion has softened slightly. Add crushed tomatoes, diced tomatoes, chicken broth and chicken thighs. Hit ‘cancel’ on the Instant Pot to stop the saute function, then add the lid with the vent sent to ‘seal’.
Set to manual high pressure for 10 minutes. While the pot comes up to pressure, preheat the oven to 425˚F. Add tortilla stips to a medium bowl and toss with 1 to 2 teaspoons of olive oil. Spread into a single layer on a sheet pan and cook for 7 to 9 minutes, or until crisp.
When the cooking time is up on the soup, let the pressure release naturally for about 15 minutes, then manually release any remaining pressure. Remove chicken and shred into bite-sized pieces and return to the pot.
Turn the pot back to ‘Sauté’ and add black beans and corn. Cook for about 5 minutes.
Serve the soup topped with crispy tortillas, cilantro, sour cream and cheese.