How to Make It
Select SAUTÉ setting on a programmable pressure multicooker (such as Instant Pot). (Times, instructions, and settings may vary according to cooker brand or model.) Select HIGH temperature setting, and allow to preheat 3 minutes. Meanwhile, remove skin from chicken by slipping fingers under the skin and pulling it off; discard skin, and pat chicken dry. Sprinkle 1 teaspoon of the salt and 1/4 teaspoon of the pepper evenly over all sides of chicken. Add oil to cooker. Add 3 or 4 chicken thighs to cooker. Cook until golden brown on bottoms, about 5 minutes; flip and cook until other side is browned, about 3 minutes. Transfer thighs to a plate. Repeat process with remaining thighs.
Add onion, bell pepper, carrot, and garlic to cooker, and cook, stirring often, until vegetables are softened, about 3 minutes. Stir in tomato paste, and cook, stirring constantly, 1 minute. Add tomatoes and wine; cook, stirring occasionally, until wine is reduced by half, about 5 minutes. Add chicken broth and thyme, and nestle chicken thighs into mixture.
Press CANCEL on multicooker. Cover cooker with lid, and lock in place. Turn steam release handle to SEALING position. Select MANUAL/PRESSURE COOK setting. Select HIGH pressure for 12 minutes. (It will take 5 to 8 minutes for cooker to come up to pressure before cooking begins.)
When cooking has finished, let pressure release naturally for 5 minutes. Carefully turn steam release handle to VENTING position, and let steam fully escape (float valve will drop). (This will take 1 to 2 minutes.) Remove lid from cooker, and transfer thighs to a plate. Return cooker to SAUTÉ setting on HIGH, and cook sauce until reduced and thickened, about 5 minutes. Add olives and butter, stirring until butter is melted. Stir in parsley and basil; discard thyme sprigs. Serve sauce and chicken over hot egg noodles.