Select the “sauté” function of your Instant Pot and set the timer for 30 minutes.
Once the inner pot is hot, add the butter or oil, and use a wooden spoon to swirl it around to evenly coat the bottom of the pan.
Add in the onions, and sauté until translucent and lightly browned, about 5 minutes.
Add the garlic and sauté until fragrant, about 1 minute. Be careful not to burn the garlic!
Pour in the chicken broth and stir well to combine. Use the bottom of your wooden spoon to scrape any brown bits off the bottom of the Instant Pot.
Hit the “cancel” button of the Instant Pot to turn off the sauté mode.
Add in the Rotel, diced green chilies, black beans, chili powder, ground cumin, paprika, black pepper, crushed tortilla chips, and the juice of 1 lime. Stir well to combine.
Use a pair of tongs to add the chicken breasts to the Instant Pot.
Place the lid on the Instant Pot and cook for 12 minutes on manual pressure.
The Instant Pot will beep to indicate it has come to pressure, it will cook for 12 minutes, and then it will beep to indicate it is done and switch onto the “warm” mode. Do a natural pressure release for 5 minutes, before switching the valve to “venting” to do a manual pressure release.
When the pin has dropped, indicating it is safe to open the Instant Pot, carefully remove the lid of the Instant Pot.
Remove the chicken breasts and set aside on a plate.
Add the corn kernels and cubed cream cheese. Stir well. Place the lid on the Instant Pot and let the soup sit for about 5 minutes.
Meanwhile, use two forks to shred the chicken breast.
Once you have waited 5 minutes, return to the Instant Pot and stir the mixture well, using a fork or the back of a spoon to break up any soft chunks of cream cheese. If your cream cheese hasn’t melted well, bring the soup to a simmer using the sauté function. Stir often to help the cream cheese melt into the soup.
Add the chicken breast back to the soup and stir.
Serve immediately with lime wedges, and your favorite toppings.