Preheat the instant pot by pressing the saute button.
Once heated, add diced bacon and cook for a couple of minutes or until the bacon turns crispy. Remove the bacon and set it aside.
Pour the olive oil and heat it in the instant pot.
Season the chicken with garlic powder, paprika, pepper, and salt.
Once the oil is heated slowly add the chicken breasts and brown both the sides of the chicken.
Till the chicken gets cooked, whip in the cream cheese in a mixing bowl and season with garlic powder, onion powder, dried dill weed, dried chives, salt, and pepper; mix until combined.
Press cancel on the instant pot to stop sauteing.
Pour the cream cheese mixture and the chicken broth to the IP
Turn the pot to manual high pressure for 12 minutes and then do a quick release.
Remove the chicken from the pot and shred it on a cutting board
Put the shredded chicken back into the IP and close the lid and let stand for further for 5 minutes for the sauce to thicken.
Top with pre-cooked bacon, fresh parsley, and scallions.