Place the chicken breasts into the Instant Pot. Sprinkle the ranch seasoning on top.
Add the cream cheese cubes and pour in the chicken broth.
Secure the lid, set the valve to sealing, and cook on high pressure for 15 minutes.
Do a quick release of pressure. Shred the chicken directly in the pot using two forks.
Stir in the shredded cheddar, crumbled bacon, and green onions.
Taste and season with salt and pepper as needed.
Serve warm on buns, in wraps, or over lettuce for a low-carb option.