Add the chicken breasts to the Instant Pot, and pour hot sauce and water over chicken. Do not stir
Arrange butter over chicken. Cover with lid, turn vent to Sealing position, and hit PRESSURE COOK for 10 minutes
Pot will take a few minutes to pressurize, then cook for 10 minutes. Do a quick release OR allow 10 minute natural release, and quick release after that
When pin drops, open lid, add cream cheese and ranch dressing, and shred chicken with hand mixer until well blended. Or, remove chicken and shred with forks, then return to pot, and mix in ranch and cream cheese until mixture is well blended and creamy. You can remove some of the cooking liquid for a thicker dip.
Pour chicken dip into an oven-safe casserole dish, top with shredded cheese, and bake at 400 degrees for about 10 minutes or until dip is bubbling