Set the Instant Pot on Saute & set it on HIGH heat. Add ½ tbsp olive oil, when the oil becomes hot gently release the chopped bacon, fry stirring frequently until crispy. Set the crispy fried bacon aside. Drain the bacon fat.
After draining out the bacon fat add butter into the same pot. Don't worry about the brown bits stuck at the bottom of the pot, we'll be de-glazing the pot later.
Now add the onion and garlic and saute until the onions begin to become translucent. Add salt to quick the process.
Add the diced chicken cubes and saute along with the aromatics until the chicken become opaque.
Next, add the carrot and the bell pepper and give everything a quick stir.
Pour the chicken stock and de-glaze the pot very well scraping the sides and the bottom of the pot with the help of a spatula. There should not be any food particles stuck at the bottom of the pot. This will prevent the BURN error.
Now, add the diced potatoes, whole corn kernels, cream of corn and all the ingredients mentioned above in the "Seasonings" section of the ingredients list (paprika, mustard, pepper powder, Worcestershire sauce). Give everything a good mix.
Throw in about 2 tbsp crispy fried bacon bits. CANCEL the SAUTE function. Close the lid, seal the valve and PRESSURE COOK on HIGH for 5 minutes.
Once, the pressure cooking cycle is over the Instant Pot will begin to beep. Immediately perform a quick pressure release (QPR) by manually moving the valve from the sealing to the venting positon.
Cancel the Pressure Cook function. Add milk, corn starch and heavy cream (use room temperature cream or slightly warm it up). Give everything a quick stir.
Hit the SAUTE function and set it on LOW heat setting. Simmer the chowder stirring often to thicken it.
Once the chowder thickens TURN OFF the Instant Pot. Add the cheese and stir briskly until the cheese uniformly incorporates into the chicken corn chowder. Add crushed black pepper & mix well. Check for seasoning.
If you feel the chowder is too thick you can always add more stock or water to thin it up. The chowder thickens further as it cools down.
Garnish with crispy fried bacon bits, chopped fresh parsley, crushed black pepper and serve the chowder hot.