In a small bowl, mix the melted butter, olive oil, Italian seasoning, salt, paprika, garlic powder, onion powder, and black pepper together.
Remove the giblets from the chicken and discard them or set them aside for another use. Pat the chicken dry with paper towels, then place the lemon half and garlic cloves inside the chicken cavity.
Using your hand or the back of a spoon, loosen the skin from the breast.
Spoon about ⅓ of the butter mixture under the skin, massaging the meat to distribute it evenly.
Rub the rest of the seasoning mixture on the outside of the chicken, coating it as evenly as possible.
Truss the chicken legs together with cooking twine.
Pour the chicken broth into the inner pot of an Instant Pot, then place a trivet inside. Place the prepared chicken on the trivet. Secure and seal the lid, then cook on Manual High for 30 minutes (or ~6 minutes per pound).
Allow a full Natural Release (this should take a minimum of 15 minutes) and then remove the lid. Use a thermometer to check that the chicken has reached 165 degrees F inside.