Chop the bacon and cook using the sauté function in the Instant Pot, 'til crispy and done.
Set the bacon aside, but leave the bacon grease in the pot.
Sauté the minced onion, garlic, salt, and pepper in the Instant Pot, 'til the onions are translucent and soft, about 3-5 minutes.
Add the potatoes and chicken broth to the Instant Pot.
Put the lid on the Instant Pot and set the pot to "Manual" or "Pressure Cook" for 8 minutes. When the timer goes off, do a quick release and remove the lid.
Set to sauté; stir the milk and cream into the soup, whisking everything together.
If you want, you can use a potato masher to mash some of the potatoes, giving the soup a slightly thicker consistency.
Dish up the soup and serve with the crumbled bacon, cheddar cheese, and green onions.