Heat your Instant Pot's saute function. Once ON turns to HOT, add 1 tsp. oil to pan and let heat. Add the bacon pieces and cook, stirring frequently, until crisp. Remove bacon from the pot and set aside. Hit the pot's cancel button.

Place a trivet or steamer basket in the Instant Pot above the bacon grease. Add 1 cup water to the pan and then add your potatoes on top of the trivet or in the basket. Hit the manual button and set the timer to four minutes. Put the lid on and turn the vent to sealed.

While potatoes cook, mix together 8 oz. sour cream with half a packet of dry ranch seasoning. Set side.

When the timer for the potatoes goes off, hit cancel and do a natural pressure release.

In a large mixing bowl, add the potatoes and then mix in the sour cream mixture. Add the cheese, bacon pieces, and green onions. Serve immediately hot or refrigerate until serving.