Turn Instant Pot on SAUTE mode. When hot, coat inner pot with cooking spray and add bacon. Cook until bacon is crisp.
Add onion and cook 1 more minute.
Hit "Cancel" and add chicken broth. Scrape up any browned bits on the bottom.
Add remaining ingredients. Place lid on Instant Pot and set to Pressure Cook for 7 minutes. Let pot do a Natural Release for 10 minutes. Then open valve to let out any remaining pressure. Remove the lid when the pin drops.
Cooking time does not include the time it takes for the pressure cooker to pressurize. This can take about 10 minutes.