Place chicken in the Instant Pot insert.

In a small bowl, whisk together Frank's Red Hot Sauce, garlic powder, onion powder, and pinch of salt.

Pour hot sauce over chicken. Place cubes of butter on top of the chicken.

Close the lid and set to Manual. Cook on High pressure for 15 minutes. Naturally release pressure for 5 minutes before manually releasing any remaining pressure.

Remove chicken to a cutting board and shred with two forks.

Whisk together the sauce in the bottom of the insert. Add the shredded chicken back to the insert, stirring to coat the chicken well with the sauce.