Season and pressure cook: Drain excess grease, season with salt, pepper, chili powder, and cumin. Pour in water or broth, close the lid, and set to cook for 5 minutes.
Quick release and creamy mixing: Release the pressure, stir in cream cheese until melted, then add sour cream and mayonnaise.
Fold in the cheddar cheese, stirring constantly until melted.
Garnish with chopped green onions before serving.
Notes
This dip pairs well with tortilla chips, vegetable sticks, or toasted baguette slices. Store leftovers in an airtight container for up to three days.