Put the chicken, cream cheese, Ranch seasoning, sour cream, butter, and hot sauce in the Instant Pot.
Place the lid on and pressure cook on high for 20 minutes.
Use manual release and release the pressure.
Take the chicken breasts out and shred them. Place them back in the pot and mix well.
Add in the cheddar cheese and mix until melted.
Spoon dip into a bowl and serve with crackers, pretzels, or vegetables.