Set your Instant Pot to Sauté mode and pour in about a tablespoon of olive oil. Let it heat for approximately 1 minute until shimmering. Add the chopped onion and sauté for 2–3 minutes until the onion becomes translucent and fragrant.

Stir in the minced garlic and cook for an additional 30 seconds until fragrant but not browned.

Incorporate the Cajun seasoning, paprika, and cayenne pepper into the aromatic mixture. Stir well to combine and allow the spices to toast slightly in the hot oil for about 1 minute.

Add the diced potatoes into the pot, tossing them gently to coat in the spice mixture.

Pour in about 4 cups of chicken broth, scrapping the bottom of the pot to release any stuck bits.

Seal the Instant Pot lid and set it to manual pressure cooking for 10 minutes.

Allow for a natural pressure release for 5 minutes before switching the valve to venting to release the remaining pressure.

Stir in the heavy cream and shredded cheddar cheese until melted and fully incorporated.

Taste and season with salt and pepper to preference, then add in sliced green onions and bacon bits before serving.