Turn your Instant Pot to the Sauté mode. Add 1 tablespoon of olive oil and swirl to coat the bottom. Add chopped onion and sauté for 2-3 minutes until translucent.

Stir in minced garlic and cook for 30 seconds. Add 1 teaspoon Cajun seasoning, 1/2 teaspoon paprika, and 1/4 teaspoon cayenne pepper, stirring to combine.

Add diced potatoes, stirring to coat with the seasoned mixture. Ensure they are evenly distributed.

Pour in 4 cups of chicken broth and stir gently to combine all ingredients.

Secure the lid, set the valve to 'Sealing', select Pressure Cook and set for high pressure for 10 minutes.

After cooking, allow the Instant Pot to naturally release pressure for 5 minutes, then carefully turn the valve to 'Venting'. Remove the lid.

Stir in 1 cup of heavy cream until fully incorporated.

Add 1/2 cup of shredded cheddar cheese, stirring until melted. Taste and adjust seasoning if needed.

Fold in 1/4 cup sliced green onions and 1/2 cup bacon bits for garnish. Serve hot.