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Turn your Instant Pot to the saute setting. When the display says HOT add in the ground beef. Break it up, add in 1 Tbsp of the ranch dressing mix and brown for about 5 minutes.
Turn off the saute setting. Pour in the broth and scrape the bottom of the pot so that nothing is sticking.
Cut your potatoes into cubes. (I left the peels on). Add them into the pot. Sprinkle the remaining 2 Tbsp of ranch dressing mix over the potatoes. Sprinkle the chili powder over the potatoes.
Cover the pot and secure the lid. Make sure the valve is set to sealing. Set the manual/pressure cook button to 5 minutes (high pressure).
When the time is up perform a quick release by moving the valve to venting. Remove the lid.
Toss in the bacon and the cheese and stir.
Scoop onto serving dishes and enjoy.