Add oil to the Instant Pot and press saute.
Add the chicken and the ranch dressing and saute for 3 minutes.
Add penne pasta, water and chicken broth.
Cover the lid and cook on high pressure for 6 minutes.
When cooking time is complete, do a quick pressure release.
Add cream cheese, cheddar cheese and bacon and stir well.
Take out the pasta, garnish with parsley and serve :)
