Pat chicken thighs dry with paper towels. Season both sides with salt and pepper.

Turn on your Instant Pot and select the Sauté function. Add vegetable oil and heat until hot.

Working in batches if necessary, place chicken thighs skin-side down in the pot. Sear until golden brown, about 3-4 minutes. Flip and sear the other side for 2-3 minutes. Transfer chicken to a plate.

With the Instant Pot still on Sauté mode, add chicken broth and use a wooden spoon to scrape up any browned bits from the bottom of the pot.

Add Worcestershire sauce, brown sugar, garlic powder, onion powder, and smoked paprika to the pot. Stir to combine.

Return the chicken thighs to the pot, skin-side up. Pour 1/2 cup of BBQ sauce over the chicken.

Close the Instant Pot lid and set the valve to the Sealing position. Select Pressure Cook (or Manual) and set to High Pressure for 10 minutes.

Once the cooking cycle is complete, allow for a 5-minute natural pressure release, then carefully perform a quick release for any remaining pressure.

Remove the chicken thighs and place them on a serving platter. Select the Sauté function again.

Add the remaining 1/2 cup of BBQ sauce to the liquid in the pot and stir to combine. For a thicker sauce, mix cornstarch and water in a small bowl to create a slurry, then stir it into the pot. Let the sauce simmer for 2-3 minutes until thickened.

Brush or spoon the thickened sauce over the chicken thighs and serve hot.