Add all the ingredients listed under the "Cook on High Pressure" to the pot.
Stir well to combine, make sure you don't go over the inner Max line of your pot.
Close and lock the lid, point knob to sealed.
Press High Pressure and input 10 minutes. It will take the Instant Pot to come to pressure about 15-20 minutes, due to the high volume of the soup.
Once the pressure cooker is done cooking, do a 10-minute Natural Pressure Release, after which, carefully release the remaining pressure by moving the knob to the Vent position.
Lift the lid and use a potato masher to mash some of the potatoes. If wanted, use an immersion blender to cream the soup more.
Select Sauté, and whisk in cream cheese, sour cream, bacon, and cheddar cheese until fully combined. It is great to use an immersion blender for this, it will make the soup incredibly creamy.
Serve topped with favorite toppings.