Turn on the Sauté setting. When the pot is hot, add the olive oil and butter and coat the bottom of the pot.
Add the chicken breasts. Sprinkle on the basil and garlic powder. Brown a few minutes on each side. Then remove to a plate (the chicken will still be raw inside). Set aside.
Add the broth and use a wooden spoon to scrape the bottom of the pot to deglaze (get the browned bits off the bottom of the pot).
Add the garlic, smoked paprika, Cajun seasoning, and cayenne pepper. Stir.
Add the chicken back into the pot. Cancel the Sauté setting.
Close the lid and set the steam release knob to the Sealing position.
Press the Pressure Cook/Manual button or dial, then the +/- button or dial to select 6 minutes. High Pressure. The pot will take a few minutes to come to pressure.
When the cook cycle has finished, turn off the pot and let it sit undisturbed for 5 minutes (5 minute natural release). Then turn the steam release knob to the Venting position to release the remaining steam/pressure.
When the pin in the lid drops back down, open the lid.
Remove the chicken breasts to a plate and set aside.
Mix together the softened butter and the flour.
Turn on the Sauté setting. When the sauce starts to simmer, whisk in the butter/flour mixture. Whisk until the sauce is thickened. Turn off the pot.
Stir in the heavy cream and the roasted red peppers.
Slice the chicken breasts and return to the sauce.
Garnish with fresh basil leaves and parmesan. Serve over linguine or other pasta.