Set Instant Pot to saute and add olive oil and bacon.
Cook for a few minutes until bacon is consistently sizzling and almost done. (add onion now if you want to add it)
Add cubed chicken thigh pieces and cook until outsides of chicken are no longer pink. Turn Instant Pot off/cancel so it can cool a bit before turning it to high pressure. Scrape remaining bits of meat off bottom of pot.
Sprinkle ranch seasoning packet on top of bacon and chicken and mix gently.
Cut softened cream cheese into clumps and put on top of chicken mixture, followed by 1/2 cup of chicken broth.
Close lid and steam valve and set to high pressure for 5 minutes.
Do a quick release, stir contents gently allowing cream cheese bits to become creamy and no longer clumped up.
Add your frozen peas, then 5 measuring cups full of uncooked small egg noodles, and then your remaining 1.5 c. of chicken broth on top of your noodles.
Gently stir just a bit.
Close lid and steam valve and set to high pressure for 3 minutes.
Do a quick release, stir and serve!!
If you want sauce a bit thicker turn IP to saute again to have liquid bubble for 1-2 minutes and stir gently while bubbling. Allow to sit and the longer it sits the thicker it will get.