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Pour water in the Instant Pot.
Place chicken and cream cheese in an even layer and sprinkle ranch seasoning over the top.
Using the display panel select the MANUAL or Pressure Cook function*. Use the +/- buttons and program the Instant Pot for 15 minutes.
When the time is up, quick-release the remaining pressure.
Carefully remove the chicken and shred.
Using the display panel select CANCEL and then SAUTE . Whisk the cream cheese mixture thoroughly to break up any remaining cream cheese pieces.
Return chicken to pot along with cheddar cheese. Mix thoroughly and then turn the pot off.
Sprinkle with bacon and green onions and serve.