Turn your Instant Pot ON and set it to the sauté mode.
Add in your oil and heat until hot.
Add onion, peppers, and garlic, sauté for few minutes.
Stir in all your remaining ingredients, except for the cheese into your pot.
Secure the lid and lock, setting valve to the sealing position.
Cook on ‘soup mode’ for 20 minutes.
Once the pot beeps, set the valve to the venting position for a quick pressure release.
Unlock the lid and carefully remove the chicken to a plate.
Shred the chicken with the help of two forks.
Place your shredded meat back into the pot, add cheese and stir to warm.