Step 1

Add chicken to bottom of Instant Pot.  Top with black beans, corn, tomatoes, green chiles, bacon, Ranch seasoning, chili powder, chile powder, cumin, onion powder, salt, pepper, and garlic powder.

Step 2

Pour in chicken broth.  Don’t stir.

Step 3

Secure Instant Pot lid, making sure it’s set to “sealing”.  Select Manual or Pressure cook and use the +/- buttons to select 15 minutes.

Step 4

When timer beeps and pressure cooking is complete, perform a quick release by carefully moving the valve to “venting”.  When the pin drops, remove lid.

Step 5

Use tongs to remove chicken breasts to a mixing bowl or cutting board and shred with two forks. Be careful when removing the chicken, as it will be very tender and may fall apart.

Step 6

Select "Saute" on the Instant Pot and return chicken to pot.  Add cubed cream cheese and cheddar cheese and stir until both are completely melted into the chili.

Step 7

For a thicker chili, in a separate bowl, whisk cornstarch and water together until smooth.  Stir mixture into the chili and cook a few minutes, until thickened to desired consistency.

Step 8

Serve hot, with desired toppings.