Set your Instant Pot to sauté mode and allow it to preheat. Add 1 tablespoon of olive oil, then add the onion and green pepper. Cook for 3-4 minutes, stirring occasionally, until translucent then turn off the pot and add in the garlic. Cook for another minute, stirring frequently to avoid burning the garlic.
Add the beans, cumin, chili powder, oregano and chicken stock then stir to combine. Be sure to scrape up any brown bits from the bottom of the pot to avoid a burn warning. Season the chicken with salt and pepper and place on top of the beans.
Seal and lock the lid and cook on high pressure for 8 minutes. Allow the pressure to naturally release for 10 minutes, then quick vent any remaining steam before removing the lid.
Remove the chicken to a plate and shred using two forks. Add the chicken back in and stir then add the cream cheese and chopped cilantro. Stir until the cream cheese is all melted. Serve warm with your favorite garnishes such as lime wedges, tortilla strips, sliced jalapeños, and diced avocado.
Notes
For thicker chili: After pressure cooking the chili and removing the chicken, ladle 1 cup of the beans and broth into a blender and puree, then return to the pot.For spicier chili: Add a can of diced green chilis to the chili when adding the beans. These area available in different spice levels so choose your favorite. You can also add ¼ teaspoon of cayenne pepper when adding the seasoning to the chili.