Select saute setting on a 6-qt. electric pressure cooker and adjust for medium heat; add butter. When butter is hot, add the chicken, onion, jalapenos and garlic; cook and stir until chicken is no longer pink and vegetables are tender, 6-8 minutes, breaking up chicken into crumbles. Stir in corn, beans, diced tomatoes and chiles, cream cheese, water, dressing mix and seasonings. Press cancel.
Lock lid; close pressure-release valve. Adjust to pressure-cook on high for 8 minutes. Quick-release pressure. Stir before serving. Garnish with shredded cheddar cheese, sour cream, bacon and additional jalapenos.