Season the chicken with salt and pepper from both sides.
Press on SAUTE - NORMAL on the Instant Pot, add heat olive oil. Add the sliced onions and sauté until deep brown and caramelized (5-6 minutes). Add the garlic, and cook for 30 seconds. Remove the onions and garlic from the pot, and deglaze with water or stock and scrape off any bits stuck to the bottom of the pot. Switch off the SAUTE setting.
Add the onion and garlic to a blender or food processor, followed by diced tomatoes, chiles in adobo, oregano, cumin, cinnamon, and chicken stock. Blend for 30 seconds or until the sauce is smooth.
Add the chicken to the Instant Pot, pour the sauce over the chicken, and throw in the bay leaves. Mix so that the sauce covers the chicken well.
Secure the lid and set the vent to SEALING. Select the PRESSURE COOK/MANUAL setting and set the cooking time for 10 minutes at high pressure. The Instant Pot will take around 10 minutes to come to pressure and start cooking. When the cooking program ends, allow the steam to release naturally for 5 minutes then do a quick release.
Remove the chicken from the Instant Pot and place it on a cutting board or on a plate and shred using two forks.
Squeeze fresh lime juice over the sauce and give it a quick mix.
Return the chicken back to the sauce in the Instant Pot to soak up the flavor.
Serve stuffed in tacos with diced avocado, fresh cilantro leaves, diced or pickled red onion, and cotija cheese if desired. You can also serve with guacamole, lime crema, and pico de gallo.