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Add butter to the Instant Pot and turn on the sauté button. Once butter is melted, add in the onions and cook for 3-4 minutes until soft. Add in the garlic and cook for one additional minute until fragrant, stirring constantly so that garlic does not burn.
Add the chicken broth, cream of chicken soup, potatoes, salt, and pepper to the pot, and stir well. Place the lid on the Instant Pot and turn the vent valve to "sealing." Cook over manual high pressure for 10 minutes, then quick release the pressure.
Meanwhile, stir together the milk and flour in a small bowl to create a slurry. Set aside.
Once the steam has completely released and the pin has dropped on the lid, open the lid and stir in the slurry. Turn the pot to sauté and cook the soup for 4-5 minutes, until thickened. Stir in the 2 cups of cheddar cheese and stir until melted. Serve garnished with chopped bacon, green onions, and more cheese. Enjoy!