Place all the ingredients except the parmesan and mozzarella, in the Instant Pot® bowl and mix together well.
Seal Instant Pot® and make sure the steamer valve is set to “seal”. Press the “manual” button and set the timer for ten minutes at high pressure. When the timer goes off, do a quick pressure release by carefully opening the steamer valve and releasing the steam.
Add the shredded cheeses to the bowl and mix until melted together.
Give the dip a good stir and transfer to a serving dish. Serve with ships, bread or crackers!