Add olive oil to the Instant Pot. Using the display panel select the SAUTE function.
When oil gets hot, add diced bacon and cook, stirring, until crisp, 3-5 minutes.
Add bell pepper to the pot and saute until it begins to soften, about 3 minutes. Add onion to the pot and saute until soft, 3-4 minutes.
Add garlic, paprika, salt and ground chipotle and cook, stirring, for 1-2 minutes. Add the beer to the pot and deglaze by using a wooden spoon to scrape the brown bits from the bottom of the pot.
Add rice and stir. Nestle the chicken into the rice mixture in one even layer, turning once to coat.
Turn the pot off by selecting CANCEL, then secure the lid, making sure the vent is closed.
Using the display panel select the MANUAL or PRESSURE COOK function*. Use the +/- buttons and program the Instant Pot for 10 minutes.
When the time is up, let the pressure naturally release for 5 minutes, then quick-release the remaining pressure.
Carefully remove the chicken from the pot and cut into bite-sized pieces. Return chicken pieces to the pot and stir to combine. Season with salt and pepper to taste.