Set the instant pot on to sauté mode. Add the onion and meat. Then, sauté until the meat is slightly pink and your onion is translucent. This should only take about 3 to 5 minutes. Remember, you don’t need to thoroughly cook your meat in this step as it will continue cooking under pressure later.
Add the water and potatoes to your instant pot. Ensure that the potatoes are evenly spread out in your pot, then, add in the following ingredients: soup, salt, pepper, onion powder, and garlic powder. Do not mix.
Place a lid on your instant pot, and twist it to seal. Close the pressure valve at the top by pushing it away from you. Then, set your instant pot to high pressure for one minute. Once the pot has finished cooking, do a quick release of the pressure by releasing the pressure valve manually.
Set your Instant Pot to cancel, and then turn on the sauté mode. Once your ingredients start to simmer, slowly add in the cream while stirring. When the cream is completely incorporated, add in your green onions and mix.
While stirring slowly using a spoon, add in your shredded cheese. Mix until it's well incorporated and melted in.
Serve and enjoy this comforting soup! You may top it off with bacon bits, more cheese, and green onions. If preferred, you may also add more salt and pepper to each bowl, according to your liking.