Add to your instant pot your chicken breast, black beans, corn, canned tomatoes, green chili, Bacon, ranch seasoning, chili powder, cumin, onion powder, salt, pepper, and garlic powder.
Pour in your chicken broth.
Close the lid on your instant pot and close the ceiling valve by pushing the valve away from you. Select pressure cook for 15 minutes.
Once your instant pot has finished cooking, do a quick release by bringing the valve toward you to release all the pressure.
Remove the chicken breast from the instant pot to a cutting board. Set aside.
Select cancel on your instant pot, and then select sauté mode.
While your instant pot is heating up to sauté mode, shred your chicken breasts. One shredded, add to your pot.
Add your cream cheese and cheddar cheese. Mix well until completely melted.
If you desire a thicker chili, you can mix together the cornstarch and water in a separate small bowl to create a slurry. Once mix together, add to your pot and mix with the rest of the ingredients.
Transfer to your serving bowl and top with your favorite toppings! We like to use sour cream, crushed up tortilla chips, more cheese, more bacon bits, or jalapeño slices! Enjoy!