In a 6 or 8 quart Instant Pot, add onion, garlic and olive oil. Saute until your onion is translucent.
Add in your chicken breast, chicken broth, beans (drained and rinsed), green chilies, salt, pepper, cumin and chili powder. No need to stir.
Close the lid to your Instant Pot. Set the pressure vent to Sealing and press Pressure Cook on High or Manual for 20 minutes.
After your 20 minutes is up, you'll set a timer for an additional 10 minutes. Let your Instant Pot naturally release pressure during these 10 minutes. You will then release the rest of the pressure by using your Quick Release by turning the pressure valve to the venting position. Make sure to use a towel when releasing. The steam is very hot and can easily burn you!
Once the pressure is released completely (it will stop hissing out the top), carefully open the lid. Remove the chicken and shred with two forks.
Return the chicken to the Instant Pot along with the cream cheese (cutting it into smaller pieces helps it melt quickly), heavy cream and fresh cilantro.
Press the saute button and let the chili simmer to melt the cream cheese completely. Once your cream cheese is melted, the white chicken chili is ready to serve!
Serve with your favorite toppings like tortilla chips, avocado slices, diced cilantro, minced red onion and a squeeze of lime.