Place the chicken in the bottom of your Instant Pot.
Season chicken with onion powder, garlic powder, and smoked paprika.
Sprinkle the ranch seasoning and au jus gravy mix evenly over the chicken.
Add the butter on top.
Pour in the chicken broth and pepperoncini juice.
Add the pepperoncini peppers.
Secure the lid and set the valve to Sealing.
Cook on High Pressure for 20 minutes.
Allow a 10-minute natural pressure release, then carefully release any remaining pressure.
Shred the chicken directly in the pot and stir it into the flavorful sauce.
Serve over mashed potatoes or rice.