Add chicken, broth or water, diced green chilies, chili powder & other seasonings to the pot.
Cover and set to seal.
Cook on manual high pressure for 13 minutes.
Once it beeps, allow to naturally release for 7 minutes, then do a quick release.
Remove the chicken and shred in a large bowl.
Return back to the juices in the instant pot and place the block of cream cheese and cheddar cheese in with the chicken.
Place the lid back on but don’t turn on the Instant Pot. Just let the remaining heat make the cheese melty.
Give it a good stir to spread the cheese throughout and then enjoy.