Set cooker to saute-high. Place the chopped bacon in the cooker. Cook for 7-10 minutes or until crisp. Transfer the bacon to a plate with paper towel (drain grease). Remove bacon grease from the cooker (save or discard).
Add water, ranch seasoning and mix. Add chicken breasts and cream cheese in the cooker.
Place the lid on. Set to pressure cook to high for 12 minutes then use a quick release. Follow the manufacture instructions for quick release. Remove lid.
Use a hand held mixer and shred the chicken. This may be perfromed inside the cooker or feel free to transfer to a plate/bowl for shredding. When done besure to return the shredded chicken to the cooker.
Add shredded cheese and mix until the cheese has completely melted. Add cooked bacon and mix. Optional: if the crack chicken sauce is a bit too watery, turn to saute and cook on low until the liquid evaporates to your liking.
Garnish with chopped green onions and more bacon bites.