Place water or chicken broth into the bottom of the instant pot container. Place chicken breasts.
Pressure cook by setting on Meat/Stew. Once the timer has gone off, release the pressure.
Using two forks, shred the chicken.
Place ranch, hot sauce and cream cheese into the shredded chicken. Stir until combined.
Notes
Note: I leave this on warm and serve to guests out of the Instant Pot to keep it warm. The mixture will thicken and will dry out if you leave it out long enough. Simply add a bit of water, milk or chicken broth to get liquidy again.