Combine chicken broth, water, chicken, pasta, ranch seasoning, salt, and pepper in instant pot. Stir.
Close lid and set pressure release valve to sealing.
Press the manual or pressure cook button and set to 4 minutes.
Once cooking is complete, quick release the pressure release valve.
Remove the lid and mix in the cream cheese and shredded cheese.
Stir until the cheese is melted.
Let sit for 5 minutes, until sauce is thickened.
Mix in bacon.
Serve, topped with additional shredded cheese and bacon, if desired.