Mix salt, pepper, and garlic powder and sprinkle on both sides of pork chops.
Mix the ranch dressing mix, gravy mix, beef broth (reserving 1/4 cup to deglaze the bottom of the pot), and the cream of chicken together in a medium sized bowl.
Add olive oil to instant pot and turn on the sauté function. When the oil is hot, brown the pork chops on each side for 2-3 minutes.
Remove the pork chops from the pot and pour in 1/4 cup of beef broth. Use a wooden spoon to deglaze the bottom of the pot.
Turn the instant pot off and add the gravy mixture into the pot along with the pork chops.
Place the lid onto the pot and set the valve to sealing. Cook on manual for 8 minutes (allow for about 10 minutes for the pot to come to pressure, 8 minutes of cook time, and 10 minutes to natural pressure release).
After 10 minutes of natural pressure release, release any remaining pressure from the pot by turning the valve from sealing to venting, and carefully remove the lid after all of the pressure has been let out.
Remove the pork chops from the pot to a serving plate. In a small bowl, whisk the cornstarch and the water.
Turn the sauté function back on and whisk in the corn starch mixture. Continue to whisk until the gravy thickens. This should only take a few minutes.
Turn the instant pot off and serve the pork chops with the gravy.