Add chicken breast, hot sauce and half the butter to the instant pot. Pressure cook on high for 15 minutes, allow a 5 minute natural release and then quick release.
shred the chicken breast and stir the rest of the butter, ranch cheese and cream cheese. Mix until well combined.
You can serve the dip hot or cold, I like to garnish it with Jalapenos or green onions. Seve with tortilla chips or veggies