Prepare the Pork Chops: Pat the pork chops with paper towels to dry. Combine the salt, pepper, chili powder, onion powder, and garlic powder; rub the seasoning mixture over the chops.

Sauté: Select the sauté button on the Instant Pot and add the olive oil. When the display indicates the pot is hot, add the pork chops and sear for about 2 minutes on each side. Remove the chops to a plate.

Deglaze: Add the chicken stock, Worcestershire sauce, and liquid smoke to the pot. Cook for a minute or two, scraping up any browned bits on the bottom of the pot. Add the pork chops to the liquids and cancel the sauté function.

Pressure Cook: Place the lid on the pot and turn the valve to the sealing position. Choose the pressure cook or manual button (high pressure), and set the time for 8 minutes. When the time is up, let the pressure come down naturally for 10 minutes and then carefully turn the valve to the venting position to release the remaining pressure.

Simmer: Select the sauté function again and simmer the liquids for 5 to 8 minutes to reduce and concentrate the flavors. Stir in 1 tablespoon of butter and taste for seasoning.

Serve: Drizzle pan juices over the chops and serve with your favorite side dishes for a satisfying everyday meal.