Begin by turning on the 'saute' setting to your Instant Pot, and add the olive oil.
Sauté the diced onion, until it is golden brown.
Turn the saute setting off, and add in the minced garlic, diced green chiles, jalapeno, corn, chili powder, cumin, and garlic salt. Mix together well, and then add in the chicken broth.
Place the lid on the Instant Pot, and make sure the pressure valve is set to 'sealing'. Press the manual button, and set the time to 8 minutes. When the Instant Pot is done cooking, beeps, and goes to off, quick release the pressure.
Once all pressure has been released, and the float valve has dropped down, remove the lid to the Instant Pot, and stir the corn dip.
Add the cream cheese, sour cream, and shredded colby jack cheese, and mix all together, until well blended.
Remove the corn mixture and add to a serving bowl, and top with crumbled bacon and chopped Cilantro.