Set the Instant Pot to sauté mode and allow it to preheat.
Season the pork chops on both sides with the salt, pepper, and garlic powder.
Add the olive oil to the instant pot and, working in batches, sear the pork chops on each side for 2-3 minutes until golden brown. Transfer to a plate and set aside.
Turn the instant pot off and pour about ¼ cup of the broth into the empty instant pot and use a wooden spoon to scrape up any brown bits from the bottom of the pot.
Add the pork chops back to the pot along with the remaining broth.
Place the lid on the pot and lock. Cook on manual for 10 minutes. After the cooking cycle allow the pressure to naturally release for 10 minutes then vent any remaining pressure before removing the lid. Remove the pork chops from the pot and transfer to a serving plate then cover loosely with foil.
Whisk together the cornstarch and water. Turn the instant pot on to saute and whisk in the cornstarch mixture. Whisk constantly until gravy is thickened then turn off the pot. Stir in the parsley and season with salt and pepper to taste.
Spoon the gravy over the pork chops then garnish with additional chopped parsley and serve.
For thick cut boneless pork chops, reduce cook time to 10 minutes and for thinner chops reduce the cook time to 7-8 minutes, depending on thickness.