Place a metal rack in the instant pot and add 1 cup of water.
Use a sharp fork or knife and carefully poke 4-6 holes into each potato. Drizzle each potato with olive and season with kosher salt and ½ teaspoon of pepper.
Transfer the potatoes onto the metal rack and cover the instant pot. Cook the potatoes on high pressure for 18 minutes.
Preheat the oven to 350℉ and spray a 9x13-inch baking dish with cooking spray. Set aside.
Naturally, release the pressure for 5 minutes and then quick release the remaining pressure. The potatoes are ready if they are fork ready. If the potatoes are not done, cook on high pressure for another 3-5 minutes. Timing is dependent on how big your potatoes are.
Remove the potatoes from the instant pot and place them on a cutting board. Cut the potatoes into bite-sized pieces and place them into a large bowl.
Add the bacon, cream cheese, sour cream, butter, salt, and the remaining pepper to the bowl. Mix together using a spatula.
Transfer the potatoes to the baking dish and top with the shredded cheddar cheese. Bake for 20 minutes.
Garnish with minced chives and serve.