Place 2 cups of water or broth, two chicken breasts, and 2 tsp salt into the Instant Pot. Set on manual high pressure for 20 minutes. Immediately depressurize when done (about 10 minutes).
Remove the chicken and shred with two forks until very tender.
Add shredded chicken back into the Instant Pot. Add all remaining ingredients in the order listed without stirring to prevent scorching.
Set Instant Pot on manual high pressure for another 20 minutes.
Once done, carefully whisk the cream cheese into the soup to remove any lumps.
Serve hot with your favorite chili toppings.