Add the chicken, chicken broth, and ranch to the Instant Pot. Secure and lock the lid. Set the time to 12 minutes. Once the timer goes off, release the pressure.
Remove the chicken and shred it. Stir the cream cheese until melted, then add the cheddar cheese. Mix until smooth. If needed, press sauté for 2-3 minutes.
Pour into four bowls and top with cooked bacon and green onions.