Turn your Instant Pot on to the Sauté setting and allow the pot to heat up for about 2 minutes. Add the chopped bacon and cook until crispy, scraping browned bits off the bottom as you stir. Using a slotted spoon, transfer cooked bacon to a plate, preserving the drippings in the pot. Set aside 1/3 of bacon for topping.
Add chopped onion to the bacon drippings and sauté for 2-5 minutes until tender and translucent. Add the garlic and cook for 1 minute, stirring frequently, being careful not to burn the garlic. Remove onion/garlic mixture and transfer to plate with bacon.
Prep the cream cheese by cutting the blocks into 1-inch cubes. See photo above.
Add ingredients to the Instant Pot in the following order: chicken broth, chicken breast, cream cheese, ranch seasoning, onion/garlic, bacon. Set the Instant Pot to Manual, High Pressure for 15 minutes. Once time is up, do a quick release.
After the pressure cook, transfer the chicken breasts to a large plate using a pair of tongs. Use 2 forks or a set of Bear Claws to shred the chicken into bite-sized pieces.
Return chicken to the pot and stir in shredded cheddar cheese. Place the lid back on the Instant Pot (but don't turn it on) for about 5 minutes to melt the cheese and allow the sauce to thicken.
Serve warm topping each bowl with the remaining bacon and sliced green onions.