Press sauté on your Instant Pot. Add in your olive oil. Allow the oil to heat up.
Add to your hot oil your chicken, and onion. Sauté for about 5 minutes until the chicken is browned, and the onions become translucent.
Still on sauté mode, add in your peppers. Mix and sauté for about 2 minutes – just allowing them to soften.
Press “cancel” on your Instant Pot. Add in your garlic, fajita seasoning, and broth. Mix and scrape the bottom of your Instant Pot. You want to make sure there isn’t a remnant of the chicken nor the veggies left on the bottom as you will receive a “Burn” notice.
Add in the tomatoes and chiles. Stir to combine.
Turn your Instant Pot onto High Pressure for 15 minutes. Make sure your sealing valve is closed and pushed away from you.
Once your Instant Pot is done cooking, manually release it by bringing the sealing valve toward you.
Open the Instant Pot by removing the lid. Add in your cream cheese, cheddar cheese, and cream. Mix well until all of your cheeses have melted.
Transfer to your soup bowl and top with any toppings you like! You can keep it as is for a low-carb option or add tortilla chips/strips!