Set Instant Pot to Sauté Less (low heat) for 7 minutes.

Add a dab of margarine or butter to lightly coat the bottom of the pot.

Add the ground beef and diced onions. Crumble and stir frequently as it cooks.

• Note: when the Sauté cycle ends, the ground beef may still be slightly pink—that’s okay.

Pour in the water (2 cups).

Add the frozen diced hash brown potatoes, spreading them out evenly (don’t stir in yet).

Add the canned condensed cheddar cheese soup and cream of bacon soup.

Sprinkle in the onion powder, garlic powder, salt, and pepper. Do not stir.

Place the lid on the Instant Pot and turn the steam release handle to the Sealing position.

Set to Pressure Cook High for 1 minute.

When cooking finishes, immediately switch the steam release handle to Venting for a quick release.

Remove the lid, and then stir the contents thoroughly.

Set the Instant Pot back to Sauté Less for 7 more minutes.

Add the heavy cream, chopped green onions, shredded cheddar cheese, and bacon bits. Stir well.

Let the soup simmer in Sauté mode, stirring occasionally, until the Instant Pot turns off.

Serve the soup in bowls and, if desired, top with extra shredded cheddar cheese.