Place chicken breasts in the bottom of the Instant Pot.
Cover chicken with onion powder, garlic powder, paprika, and pepper, and chicken broth.
Add cubed cream cheese.
Cover with Ranch dressing packet.
Secure lid on the pressure cooker. Cook on high for 15 minutes.
Allow to naturally release for 10 minutes. Then carefully manually release remaining pressure.
Remove chicken and shred.
Turn on sauté function and use a whisk to whisk on the cheddar cheese.
Add green onion tops and bacon bits before serving.
Notes
If using frozen chicken breasts, increase cook time to 20 minutes with a 10 minute natural release. Consider serving on different options such as lettuce wraps, tortilla wraps, or with chips as a dip.
*Nutritional information is a calculated guesstimate. Please note that this can change with different brands and modifications you may make to the recipe. For the most accurate information, use a nutritional calculator with the exact brands and measurements you're using with each recipe.