Combine ranch seasoning, salt (if ranch seasoning is salt-free), and cream cheese in bowl. Place the rack inside the pot and place the chicken on top. Spread cream cheese mixture over chicken.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Venting. Press Slow Cook and set time to 6 Hours.
Fry the bacon separately until crispy. Set aside.
Once the chicken is done, shred it with two forks. Remove the rack and return the chicken to the pot. Press Keep Warm and top with cheddar and bacon and cover with lid until cheese is melted.
Serve topped with fresh chives and sprinkled with ground black pepper.