Preheat oven to 400 degrees.

Add the chicken, 4 oz of cream cheese, 1/2 cup ranch dressing, 1/4 cup hot sauce, chicken broth, salt, pepper, and garlic powder to your Instant Pot. Seal the pot and turn the vent to sealed. Hit the manual button and set timer to 15 minutes.  

While chicken cooks, add remaining cream cheese, hot sauce, and ranch dressing to a small sauce pan. Cook over low heat until cream cheese melts. Let simmer until chicken is done. Mixture should be thick, keep stirring to remove lumps.

When chicken is done, do a quick release. Remove chicken from the pan and shred. Stir the sauce that remains in the pot. Spoon two ladle fulls of the sauce into your sauce pan to thin out the cream cheese mixture. Let continue to cook over low heat.

Spoon two big spoonfuls of chicken into the center of a tortilla. Sprinkle cheddar cheese over the chicken. Roll tortilla tightly and place in a casserole dish. Repeat until you run out of chicken. Sprinkle remaining cheese into your sauce.