Press "Saute" button on Instant Pot. Let warm up for a minute before adding avocado oil (or your preferred cooking fat).
Sear chicken for 2-3 minutes per side. Turn off. Add in onions, chiles, jalapeno, seasonings, and broth. Stir to combine.
Secure the lid, close the pressure valve, and select "Manual." This will set the cooking time to 30 minutes at high pressure. When time is up, do a quick release.
Once pressure has been released, remove the lid. Remove the chicken and place in a large bowl. Shred the chicken with two forks.
Press "Saute" on Instant Pot and set a timer for 15 minutes to allow the broth to reduce. In the last few minutes, add heavy cream and cream cheese. Whisk to combine.
Add the chicken back into pot and allow to warm through before serving.
Spoon into bowls and serve with desired toppings.