Press the sauté button and let the pot heat for about 3-5 minutes. Add the oil and cook the onion, bell pepper (optional), and jalapeno until onion has softened, about 4-5 minutes. Stir once and a while!
Add the garlic, chili powder, and cumin and cook for about 1 minute, stirring occasionally.
Add the broth, tomatoes, and chicken and stir to combine.
Cancel the sauté function! Lock the lid, seal the valve, and cook on high pressure for 8 minutes. If using a pressure cooker, press the soup button and set manually for 8-10 minutes. Once cook time comes to an end, do a quick release.
Next, remove the lid and shred the chicken breasts on a cutting board or plate using 2 forks. Transfer the shredded chicken to the pot and stir in salt to taste and lime juice.
Serve topped with tortilla chips, avocado slices, and shredded cheddar.