Sauté the Onion and Garlic. Turn the Instant Pot to Sauté mode and melt the butter. Add the diced onion and cook for 2 minutes, until softened. Stir in the garlic and cook for 30 seconds, just until fragrant.
Add the Potatoes and Seasonings. Add the diced potatoes to the Instant Pot. Sprinkle in the salt, black pepper, smoked paprika, onion powder, and garlic powder. Stir everything together to coat the potatoes in the seasonings.
Add Green Beans and Broth. Place the green beans on top of the potatoes, but do not stir. Pour in the chicken broth. If using bacon or smoked sausage, add it now for extra flavor.
Pressure Cook. Secure the lid and set the Instant Pot to Manual (Pressure Cook) on HIGH for 5 minutes. Once the cooking time is complete, perform a quick release to prevent overcooking the green beans.
Serve and Enjoy. Open the lid and gently stir the green beans and potatoes. Adjust seasoning if needed, adding more salt or pepper to taste. Serve warm, garnished with extra bacon crumbles or fresh parsley.