Cut the chicken breast into bite-sized pieces, then set your Instant Pot to sauté mode.
Add the olive oil to the pot and allow it to heat up. When the oil is hot, add the chicken and stir to keep the meat from sticking to the bottom of the pot.
Season the chicken with onion powder and pepper and sauté until the chicken is cooked through.
To keep your Instant Pot from displaying a burn error while the pasta is cooking, take a minute to deglaze the pot before adding the rest of your ingredients by turning the Instant Pot off and adding the chicken broth. Use a wooden spoon to scrape the bottom of the pan to remove stuck-on pieces of chicken. Continue scraping until the bottom of the pan is clean.
Pour the milk and sauce into the pot with the chicken, then add the pasta to the Instant Pot. Stir to combine the ingredients, making sure all the pasta is covered with liquid. Place the lid on the pot and seal the pressure valve. Set the Instant Pot to pressure cook for six minutes.
When the cook time is up, manually release the pressure on the pot and remove the lid.
Cut the cream cheese into cubes and place the pieces into the pot. Stir to mix the cheese and help it melt in the pasta.
Once the cream cheese is melted, add the parmesan cheese and stir to combine before serving.