Turn the Instant Pot to saute and add in the olive oil, chicken, and Ranch.
Toss to coat chicken thoroughly and allow to cook for about 4 minutes, or until chicken is just about cooked through.
Add in the chicken broth, water, and Pasta.
Turn saute function off and place lid securely on top. Ensure valve is to sealing position.
Cook manual, high pressure, for 4 minutes.
Once 4 minutes is up, do a quick release.
Stir in the cream cheese, cheddar cheese, and bacon.
Allow to sit for about 2 minutes, or until cheese has melted.
Serve and enjoy!