Finely dice the onions and cut the bacon into small chunks.
Turn the Instant Pot to saute. Once the inner liner is hot, dump the bacon and onions inside. Cook until the bacon is slightly crisp and the onions are translucent.
Use the chicken broth to deglaze the bottom of the pan. Place the cubed potatoes and spices into the Instant Pot liner.
Place the lid on the Instant Pot and cook under high pressure for 4 minutes. Once the cooking time is complete, allow the pressure to naturally release for 10 minutes and then manually release all remaining pressure.
Remove the Instant Pot lid and stir in heavy cream and cheese until the cheese is melted.
Ladle a bowl full and garnish with additional cheese, bacon, and green onions and serve hot.