Pour in chicken broth, add cream cheese and ranch packet.
Seal the lid and cook on high pressure for 15 minutes.
Allow natural pressure release for 5 minutes, then quick release.
Shred the chicken using two forks, mix well.
Stir in bacon and cheddar cheese until melted and combined.
Notes
For storage, place leftovers in an airtight container and refrigerate for up to four days. To reheat, use a skillet over medium heat and add a splash of broth.