Press the "sauté" function on the Instant Pot. Add oil, onions, and peppers.
Saute until onions become soft and transparent.
Add enchilada sauces, chicken broth, diced tomatoes, beans, corn, and chiles to the Instant Pot and stir until well mixed.
Add cream cheese in spoonfuls into the Instant Pot. Add chicken breasts and sprinkle taco seasoning over top.
Place lid on the Instant Pot and move tab to "sealing". Set Instant Pot to "manual" and cook on high pressure for 10 minutes.
Allow to natural release for 10 minutes before doing a quick release.
Remove lid from Instant Pot, shred chicken, and serve.
Top individual servings with cheese, tortilla chips and cilantro.