Cut potatoes in halves or quarters depending on size, and then place in Instant Pot.
Combine chicken broth, ranch seasoning, salt, and pepper in measuring cup. Pour on top of potatoes.
Seal lid and cook on high pressure for 7 minutes. Do a quick release according to your manufacturer's direction.
Remove potatoes to large bowl, and leave liquid in pot. Add to the liquid in the pot the butter, shredded cheese, and cream cheese. Turn onto saute stirring constantly until everything is melted. Pour over potatoes and toss to coat.
Serve immediately or store in an airtight container for up to three days.
This recipe can be made in a 3-quart Instant Pot without alteration. Recipe can be halved if desired.