Turn Instant Pot on Saute and wait until HOT. Add bacon pieces and cook until browned. Scoop out and place on plate lined with paper towel.
Throw in ground beef and cook until no longer pink. Turn off pot and drain off excess grease. Add bacon, water, diced tomatoes, and cream cheese back into the pot. DO NOT STIR.
Place lid on and turn vent into the sealing position.
Cook on manual high pressure for 4 minutes.
When timer is up, preform a quick release.
Open pot and immediately stir in cheese. Keep stirring until everything is well combined. (I know it looks weird with the cream cheese chunks on there, but trust me they stir in!)