Heat the Instant Pot on "saute" mode. Place bacon strips in Instant Pot and cook for 5 minutes, turning often so the bacon does not burn.
While the bacon cooks, dice the onions and garlic. Remove the bacon from the pot (it's okay to leave 1-2 non-crispy strips in the pot). Place the onion and garlic in the IP and saute for 5 minutes.
While the onions and garlic cook, rinse and dice the potatoes. Add to the Instant Pot, mixing well then season with salt and black pepper. Add in the chicken broth and cook on "manual" for 10 minutes.
Let the Instant Pot naturally release pressure for 10 minutes. Then force the remaining pressure out of the pot. Using a potato masher, mash some of the potatoes until creamy. Then, add in the heavy cream, cream cheese, a half cup of shredded cheddar cheese, and 2 tablespoons of chives. Mix until cream cheese has melted.
Ladle into bowl and top with additional cheese, diced crispy bacon, and remaining chives.