Add the potatoes, onion, and broth to the instant pot. Seal and set to manual for 10 minutes.
Once time goes off, release pressure manually.
Remove lid and mash potatoes to desired consistency if wanted.
Add in butter, cream cheese, sour cream, cheese, and salt and pepper. Sir until blended. If needed to thin soup, you can add a little milk to reach the consistency you like.
Serve in bowls topped with bacon and green onion. Serves 6-8.