Pressure Cooker (Instant Pot) Creamy Chicken and Broccoli over Rice

"This creamy chicken and broccoli recipe has chunky, bite-size pieces of chicken and broccoli in a creamy cheese sauce, served over fluffy white rice...."

INGREDIENTS
2 large boneless, skinless chicken breasts (about 1 pound)
1/2 teaspoon salt, plus more for seasoning
1/2 teaspoon black pepper, plus more for seasoning
1 tablespoon olive oil
1 tablespoon butter
1/2 cup chopped onion
1 can (14 ounces) chicken broth
1/8 teaspoon red pepper flakes
1 tablespoon dried parsley
2 tablespoons cornstarch
2 tablespoons cold water
4 ounces cream cheese, cubed
1 cup shredded Cheddar cheese, plus more for serving
3 cups chopped broccoli, lightly steamed
3 cups prepared white rice, for serving**
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