Add trivet to Instant Pot, then add olive oil, onion, garlic, vinegar, soy sauce, sugar, bay leaves, pepper and salt to Instant Pot in that order. Add chicken thighs on top of trivet.
Press the pressure cook button and select the high setting, then set to cook for 4 minutes - Instant Pot will take about 10-15 minutes to preheat then the 4 minutes to pressure cook.
Meanwhile, cook rice, water and butter in a rice cooker.
Do a quick release of the pressure by flicking the switch at the top with a spoon, then open lid when safe to do so. Remove chicken thighs in trivet from pot and turn to saute mode. Remove bay leaves from sauce.
Bring sauce to a boil and let simmer for 2-3 minutes until sauce thickens slightly. Add red pepper and chicken thighs back to pot, then gently stir and cook another 2 minutes.
Top rice with chicken mixture and garnish with green onions. Serve and enjoy!