Turn on a multi-functional pressure cooker (such as Instant Pot(R)) and select Saute function. Heat olive oil and add potatoes; cook until lightly golden, 5 to 8 minutes.
Sprinkle garlic powder, salt, thyme, rosemary, and pepper over potatoes. Pour in vegetable broth. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 7 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid.