Put Instant Pot on Sauté setting and add the olive oil, chicken, and ranch dressing mix.
Stir to coat the ingredients with the ranch dressing mix.
Cook the chicken for 2–3 minutes or until cooked through.
Next, add the softened cream cheese, pasta, chicken broth, and water to the Instant Pot.
Close and lock the lid, and set on the manual setting and cook on high pressure for 4 minutes.
Release the pressure with a quick release and when the steam has gone away, stir in the cheddar cheese and cooked bacon until well combined.
Let the pasta sit for 10-15 minutes so that the sauce can thicken before serving.