Season chicken thighs with salt, pepper and paprika. Set aside.
Turn Instant Pot to SAUTE mode. Once hot, add the oil. Add the onion and saute until soft, about 2-3 minutes, then add the garlic and saute until fragrant, about 30 seconds.
Add the peppers, carrot, mushrooms and Italian seasoning. Saute for 5-7 minutes until vegetables begin to lightly brown. Push vegetable to the side of the pot to create a well in the center for the chicken.
Add the chicken and brown on both sides. Pour in the wine, then the chicken broth. Let simmer for 5 minutes, letting the liquid reduce in half.
Add the crushed tomatoes, tomato paste, and chill flakes. Gently mix the ingredients together.
Place lid on Instant Pot and lock. Make sure valve is in the sealing position. Select MANUAL mode (high pressure) for 18 minutes. Let the pressure release naturally for 5 minutes, then manually release.
Add the olives and remove from heat and garnish with freshly chopped parsley. Serve over a bed of spaghetti or zucchini noodles.