Using the saute function on the Instant Pot, add the onion, garlic, jalapeno, cumin, chili powder, salt, and pepper. Cook for 2-3 minutes. Stir often.
Turn off the saute feature. Add chicken, salsa and chicken stock to the pot.
Pressure cook for 5 minutes. Carefully quick release the pressure. You can let the pot naturally depressurize too.
Add in the cream cheese and stir until melted and incorporated into the soup. Turn the saute function back on if the cream cheese is not melting well.
Serve immediately or store in the fridge for up to 4 days.