Set your instant pot on the sauté setting.
Dice your onion and add it to the instant pot.
Chop your bacon into small 1 inch pieces and add to instant pot to cook.
When bacon is almost completely cooked through add in your minced garlic.
Add your diced gold potatoes to the instant pot as well as the chicken broth.
Cook on the high pressure setting for 8 minutes until the potatoes are tender.
While the potatoes are cooking, melt butter in a skillet on the stove top.
Once butter is melted, add in your flour and stir or whisk until the flour is incorporated and no longer raw.
Continue on to make the roux or gravy/cheese sauce, by adding in your can of evaporated milk and water.
Stir and cook until the sauce thickens.
Stir in your shredded cheese until it is melted.
Stir in your seasonings of salt, pepper, parsley, dried chives and sprinkle of paprika.
Remove from heat.
Once your potatoes have finished their cooking cycle in the pressure cooker, safely release the steam and remove the lid. Do not drain the liquid.
Pour your cheese sauce into your potatoes in broth and stir until incorporated.
Use an immersion blender to blend down your potatoes to your desired texture, or chunkiness, and further mix your soup.
Spoon out into your bowl for serving. Top with additional bacon bits, sour cream, cheese, or green onions as you desire.
Serve and enjoy!