Drizzle olive oil all over the turkey breast. Rub the turkey well with the smoked paprika, Italian seasoning, tarragon, salt, and pepper. Finish with the minced garlic.
Turn Instant Pot to the high sauté setting. Add 2 tbsp butter and oil, and sear turkey breast on all sides. Transfer the breast to a plate or a cutting board.
Add Instant Pot wire rack, pour in 1 cup of chicken broth, and then place the turkey on top of wire rack. Close lid and set to Manual setting for 25 minutes on high pressure.
Once the Instant Pot cycle is complete, allow natural release, then transfer the breast to a cutting board, cover completely and let rest for 10 to 15 minutes before cutting into it.
For the gravy:
Turn the Instant Pot to the high sauté setting (don’t discard the turkey drippings). Add 2 tbsp of butter and cook until the butter is melted. Whisk in the flour with the butter and cook for a couple minutes, whisking constantly. Then whisk in the half and half and cook for an additional 3 minutes or until thickened.