Pour chicken broth in the bottom of your Instant Pot (I used a 6-quart pot). Put cooking rack in pot and place chicken breasts on rack in a single layer. Sprinkle chicken with garlic, dried onion, ranch dressing powder, onion powder, black pepper, and cayenne pepper.
Set Instant Pot to pressure cook on normal for 15 minutes. When the cook time ends, allow the Instant Pot to do a natural release for 5 minutes, then do a quick release.
Remove the chicken to a cutting board and shred chicken with two forks.
Cut cream cheese into small pieces. Turn Instant Pot to a low saute and add cream cheese. Whisk until cream cheese is incorporated into the broth.
Turn Instant Pot to warm setting. Return shredded chicken to Instant Pot and stir.
Turn Instant Pot off and add shredded cheddar and parmesan cheeses, bacon, and green onions. Stir gently. Serve on buns, or over noodles or rice.
My chicken breasts were on the smaller side (7 breasts for 3 pounds). If your chicken breasts are larger, you may want to increase the pressure cooking time to 18 minutes.
You can use regular chicken broth, but using the low sodium version ensures the crack chicken isn’t too salty.
My chicken was the perfect consistency after returning the shredded chicken to the Instant Pot, but if your chicken is too liquidy at this point, leave it on warm for 5 minutes or until it thickens up to your liking.