Measure and chop your ingredients before beginning the cooking process. This will help things go a little smoother!
Sauté your bacon using the sear/sauté function on your pressure cooker. Once cooked to your liking, remove the bacon from your pot and set aside. Clean out as much of the bacon grease as possible.
Add your butter and a splash of water to your pot and use this mixture to scrape any fond off of the bottom.
To your butter mixture, add the rest of your water, heavy cream, ranch powder, garlic powder, garlic salt, and onion powder. Give the mixture a stir.
Add your pasta and cubed chicken to your pot and stir, making sure that as much of the pasta and chicken is submerged in the liquid as possible.
Cancel the sauté function on your pressure cooker, place the lid on, and pressure cook on high for 6 minutes. Quick release the pressure.
Once all the pressure has been released, open the lid of your pressure cooker and add the cheddar cheese, cream cheese, and bacon. Stir until all the cheese is melted and everything is thoroughly combined.
Serve and enjoy!