Add bacon to inner pot of Instant Pot Duo Crisp + Air Fryer. With lid off, Select Saute and then set to High Temperature. Cook, uncovered, for 5 to 7 minutes or until fat begins to render and bacon is crispy. Transfer bacon to paper towel-lined plate; set aside.
Stir in onion, celery and garlic; saute for 3 to 5 minutes or until vegetables start to soften. Sprinkle with ranch seasoning mix.
Slowly stir in broth with wooden spoon, scraping up any brown bits from bottom of pan. Add chicken thighs, butternut squash, cauliflower rice, zucchini and cabbage.
Press Cancel. Place lid on pot and lock in place to seal. Select Pressure Cook/Manual setting on High Pressure for 8 minutes.
When pressure cooking is complete, Quick Release the pressure. Once pressure is released, remove the lid.
Stir in cream. With lid off, Select Saute and set to MEDIUM Temperature. Cook for 2 to 3 minutes or until soup is simmering.
Press Cancel. Select Warm setting. Gradually stir in handfuls of Cheddar and cubes of cream cheese until cheese is melted.
Garnish soup with reserved bacon and green onions.