Heat the Instant Pot using the Saute function.
Add the butter and stir until it has fully melted. Then, stir in the hot sauce.
Add the chicken breasts and stir to coat them with the hot sauce.
Sprinkle in the ranch seasoning.
Put the lid on and ensure the valve is in the sealing position.
Set to manual pressure for 12 minutes.
Once it has finished cooking, quick release. Be careful, the valve will steam and may splatter!
Remove the chicken and shred it into small pieces. Return the shredded chicken to the pot, along with the cream cheese, cheddar cheese, Monterey jack cheese, and blue cheese.
Heat using the Saute function. Stir until the cheeses have fully melted.
(Optional) If you would like a thick and extra creamy dip, add up to ¼ cup of flour and stir until the mixture has thickened-- about 5 minutes.
(Optional) If you would like a thick layer of cheese on top, sprinkle over an additional 1 cup of cheddar or Monterey jack - close the lid again and set for manual pressure for 2 minutes. Quick-release once finished.
Garnish with parsley or green onions, if desired.
This dip can be kept warm using the Keep Warm setting for up to one hour.
Serve with crackers, tortilla chips, toasted baguette, or crudite.
Store any leftover dip in an airtight container in the refrigerator for up to two days.