Season inside and outside of chicken with salt and pepper. Set pressure cooker to "sear", add oil, and press "start/stop". When oil is hot, add chicken and brown on all sides.
In a mixing bowl, add garlic, Sriracha, soy sauce, ketchup, and honey. Whisk well. Pour sauce over chicken. Rub sauce over chicken and close and lock lid. Set pressure cooker to "poultry", adjust time to 10 minutes, and press "start/stop".
When done, quick release and make sure all pressure is released before opening lid. Carefully open lid and carefully remove chicken; set aside.
In a small bowl, dissolve cornstarch in 2T of water. Add the cornstarch mixture to the pot and stir. Set pressure cooker to "sear", adjust time to 10 minutes, and press "start/stop".
Simmer sauce to thicken. Add basil and stir. Serve chicken with sauce over chicken or served on the side.
