Press the saute function on the Instant Pot, and once hot, add the olive oil.
Once the oil is hot, add the onion, garlic, jalapeno, cumin, chili powder, salt, and pepper. Cook for 2-3 minutes. Stir often.
Press cancel to turn off the saute feature. Add chicken, salsa and chicken stock to the pot.
Secure the lid, turn to sealing, and set the pot to pressure cook for 5 minutes.
Carefully quick release the pressure. You can let the pot naturally depressurize too. Really is your choice on this one.
Shred the chicken with forks. I find it easier to pull the chicken out with tongs and chop it and return it back to the pot.
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.