Step 1

Set Instant Pot to Saute Less for 7 minutes.

Step 2

Add a dab of margarine or butter to the pot.

Step 3

Add the ground beef and diced onions to the pot.

Step 4

Crumble the ground beef well as it's cooking.

Step 5

When the Instant Pot turns off, the ground beef will still be slightly pink.

Step 6

Add the water to the pot.

Step 7

Add the frozen diced potatoes to the pot and spread them out evenly.

Step 8

Add the cheddar cheese soup, cream of bacon soup, onion powder, garlic powder, salt and pepper to the pot. Do not stir!

Step 9

Place the lid on the Instant Pot, turn the steam release handle to the sealing position and set the Instant Pot to Pressure Cook High for 1 minute.

Step 10

When the Instant Pot is done cooking, immediately turn the steam release handle to the venting position and perform a quick release.

Step 11

Remove the lid, stir the contents well and set the Instant Pot to Saute Less for 7 minutes.

Step 12

Add the heavy cream, chopped green onions, shredded cheddar cheese and bacon bits to the pot.

Step 13

Stir well.

Step 14

Leave the soup to continue cooking, stirring occasionally, until the Instant Pot turns off.

Step 15

Ladle the soup into bowls and sprinkle with shredded cheddar before serving.

Step 16

Enjoy!