You can use already cooked bacon or you can cook your own. Preheat oven to 400°F.
Arrange a rack in the lower third of the oven. Line 1 baking sheet with aluminum foil. Lay the bacon onto a baking sheet in a single layer.
Bake until the bacon is deep golden-brown and crispy, 15 to 20 minutes. Begin checking around 12 minutes to monitor how quickly the bacon is cooking. Remove from oven and set aside.
Cook Chicken:
Add chicken and cream cheese to the Instant Pot.
Sprinkle with Ranch Dressing Mix, add minced garlic, onion powder and paprika.
Pour in chicken broth.
Close lid and pressure cook at High Pressure for 15 minutes + 10 minutes Natural Release. Turn off the heat. Release the remaining pressure. Open the lid.
Remove chicken from Instant Pot and place it into a large bowl or onto a chopping board. Using two forks shred the chicken.
Switch Instant Pot to Sauté mode and whisk the cream cheese mixture until well combined.
Add shredded cheddar cheese and stir to combine until the cheese is melted.
Turn off the Instant Pot and add the shredded chicken. Stir well to fully combine the chicken with the cheese sauce.
Stir in bacon pieces if wanted and serve on hamburger buns with extra bacon, cheese and green onions.