In a small bowl, stir together the melted butter, minced garlic, paprika, thyme, salt, and pepper.
Pour the chicken broth into the bottom of a 6- or 8-quart Instant Pot. Place the trivet in the pot.
Set the turkey breast on the trivet, breast-side up. Brush the butter mixture evenly over the top and sides of the turkey.
Secure the lid and set the valve to the Sealing position. Cook on High Pressure for 30 minutes.
When the cook time is complete, allow the pressure to naturally release for 10-15 minutes, then carefully perform a quick release to release any remaining pressure.
Transfer the turkey breast to a cutting board and let it rest for 5-10 minutes before slicing.
Remove the trivet from the Instant Pot and turn the pot to the Sauté setting. Bring the cooking liquid to a gentle simmer.
In a small bowl, whisk together the cornstarch and cold water until smooth. Slowly whisk the slurry into the simmering cooking liquid.
Continue cooking, whisking constantly, for 3-5 minutes, or until the gravy has thickened to your desired consistency.
Slice the turkey breast and serve with the warm gravy.
Notes
A 6-pound bone-in turkey breast fits best in an 8-quart Instant Pot. If using a 6-quart model, verify that the turkey fits comfortably before cooking.
The turkey is done when the thickest part reaches an internal temperature of 165°F.
If you prefer a darker, crispier exterior, place the cooked turkey under the broiler for 3-5 minutes before slicing.
Leftover turkey and gravy can be stored in an airtight container in the refrigerator for up to 4 days.