Place the chicken breast into the Instant Pot, along with water, 1/4 cup hot sauce, garlic salt, and soy sauce.
Lock the lid, turn the knob to sealing, and cook on the meat/stew OR manual/pressure cook setting for 20 minutes. Allow a 15 minute natural pressure release, then remove the lid.
Drain the cooking liquid into a separate container. Shred the chicken breast with two forks, or using a hand mixer or stand mixer. Add reserved cooking liquid to the chicken in 1 tablespoon increments if it's looking dry and needs some extra liquid. If you do not need the reserved cooking liquid, it can be discarded.
Add the rest of the ingredients (cream cheese, cottage cheese or sour cream, cheddar cheese, 1 cup pepper jack cheese, and ranch seasoning). Mix together until everything is combined and the cheese is melted. If needed, press the Keep Warm or Saute button to warm through the chicken.
Top with remaining cheese and green onions and serve, or, if desired, transfer the dip into a greased casserole dish and cover with remaining 1/2 cup pepper jack cheese and broil for 2-5 minutes until the cheese is melted and browned. Top with green onions and serve.