Wash potatoes. Leave the skin on and dice into approx. into 1" pcs.
Put them inside your Instant Pot and sprinkle your powdered ranch dressing mix on top of them. (alternatively to get them all really coated put potatoes and dry mix in a bowl and mix to coat and then add into your pressure cooker.)
Sprinkle your bacon bits on top of that and pour your chicken broth over everything.
Close your lid and steam valve and set to pressure high for 7 minutes. (timing may vary slightly depending on how large you cut your potatoes, keep them bite size)
Do a quick release.
Lift lid and sprinkle parmesan cheese, then grated cheese over your potatoes. Put lid back on for a few minutes so cheese can melt.