Place chicken breasts in the bottom of the Instant Pot.
Add water, onion, corn, black beans, salsa, lime juice, taco seasoning, and dry ranch mix.
Place the lid on to of pot and move valve to SEALING (not venting).
Press the PRESSURE COOK (or MANUAL) button and set timer for 20 minutes (or 25 minutes if using frozen chicken breasts).
When cook time is finished, do a QUICK RELEASE of the pressure.
Remove the chicken from the pot and shred using 2 forks.
While the chicken is out of the pot, add in cream cheese and pepper jack cheese.
Mix together until all the cream cheese and pepper jack cheese is melted (if you want, you can press the SAUTE button to heat it up faster) and the mixture is creamy.
Add the chicken back in and stir.
Use this chicken for tacos, burritos, nachos, salads, enchiladas, quesadillas, etc. The possibilities are endless!
Notes
Quite a bit of liquid will accumulate in the pot while it cooks. When I scoop the chicken mixture into a taco or any other way of serving it, I like to use a slotted spoon or tongs so that it doesn't make everything else soggy. When you remove the chicken from the Instant Pot, you can also remove some of the liquid before adding in the cream cheese. Either way works great. I have noticed that any leftovers thicken up after sitting in the fridge.
To turn this into a freezer meal:
Place chicken, onion, corn, black beans, salsa, lime juice, taco seasoning, and ranch dressing mix into a gallon-sized freezer bag. Place freezer bag into freezer and it will last up to 90 days.
When ready to use, dump ingredients from bag into Instant Pot and add 1/2 cup of water or chicken broth in with the frozen food. Place the lid on top, move the valve to SEALING, and press the MANUAL button. Set timer for 25 minutes. Do a 5 minute NATURAL RELEASE when the timer is done. Follow the rest of the instructions as written.