In an Instant Pot ( or pressure cooker ), turn pressure cooker to medium "Sautee".
Trim any large fat strips off pork then cut remaining pork into 4 pieces. Sear until golden brown on both sides in pressure cooker with 2 tbsp oil.
Pour in 2 tbsp oil. Add two pork chunks at a time, searing until golden brown on each side.
Remove pork. Pour in water. Scrape bottom of the pot to loosen browned bits. Add pork to pot and top with Italian seasoning, dry ranch seasoning powder, and hot sauce to the top of the meat.
Turn device on. Secure lid. Set pressure valve to SEALING. Select MANUAL or PRESSURE COOK; cook on high-pressure for 60 minutes.
Cook bacon according to package directions. Chop and set aside.
Once done, pressure cooker will beep. Allow the pressure valve to "Natural Pressure Release" (keep pressure valve sealed) for 15 minutes. "Quick-Release" (open pressure valve) after. Once pressure pin drops, open the lid and turn off the device.
Move pork to bowl and shred with two forks.
In pressure cooker insert, stir in chunks of cream cheese, shredded cheddar cheese, grated parmesan cheese, parsley, green onions, and bacon.
Once cheese sauce is smooth, stir in pulled pork. Serve on sandwich rolls if desired.