Turn on the Instant Pot to Saute-normal.
Add the butter to the pot and stir until melted.
Stir in the hot sauce.
Add the chicken, stir to coat in hot sauce, and sprinkle the ranch seasoning over the top.
Put on the lid and make sure the valve is in the sealing position.
Cook for 12 minutes using Pressure Cook-manual.
When the timer goes off, do a manual release by switching the valve to the venting position. Watch out for steam and splatter!
Take out the chicken and shred it into small pieces.
Return the chicken to the pot and add the cheeses.
Turn on the saute function again and stir until the cheese has melted.
If you want your dip to be extra thick and creamy, add up to 1/4 cup of flour. Stir about 3-5 minutes or until it's thickened.
If you want a thick layer of cheese on the dip, sprinkle an extra cup of cheddar or Monterey jack on top and set it to Pressure Cook-manual for 2 minutes. Do a manual release.
Garnish with parsley or green onions, if desired.
This dip can be kept warm using the Keep Warm setting on the Instant Pot for up to one hour. Serve with crackers, tortilla chips, toasted baguette, or crudites. Store any leftover dip in an airtight container in the refrigerator for up to two days.