04Bake dip until golden and bubbly, 15 to 20 minutes. (If desired, broil 3 minutes to get cheese extra-golden.)
05For the Instant Pot: Transfer mixture into a 1-qt. baking dish that will fit in your Instant Pot. Cover dish with foil.
06Place the trivet in bottom of pot and pour in 1 c. water. Fold a large piece of foil (about 18") into thirds to make a long “sling” and lower into pot. Place baking dish on trivet, centered on the foil strip. Fold strips over top, but not touching the top. Lock lid and set to Pressure Cook on high for 15 minutes.
07Follow manufacturer’s guide for quick release, making sure to wait until cycle is complete before unlocking and removing lid. Using foil strips and pot holders, carefully remove baking dish.
08Turn on broiler. Sprinkle top of dip with remaining ½ c. cheddar and ½ c. Monterey Jack. Broil, watching closely, until cheese is bubbly and golden, about 3 minutes.