Add all ingredients (except cream cheese) to Instant Pot.
Turn Instant Pot to Soup setting and place lid on pot. Cook for 35 minutes, or 45 minutes if using frozen chicken. Slow release for 5 minutes, then release manually.
Once cooked, take chicken out and shred. While shredding chicken, add the cream cheese to the instant pot. After chicken is shredded, return to the instant pot.
Serve with optional toppings such as: shredded cheese, sour cream, crispy tortilla chips, avocado, etc. Enjoy!