Chop the onion and celery. Heat the olive oil in the Instant Pot, using the Saute setting with medium heat.
Add the chopped onion and celery and cook until they're starting to soften, about 5 minutes.
Add the dried thyme and garlic powder and cook a minute or two longer.
While the veggies cook, trim the chicken and cut into lengthwise strips.
Add the chicken strips, Frank's Red Hot Sauce, and chicken broth to the Instant Pot.
Lock the lid and set Instant Pot to MANUAL/HIGH PRESSURE for 15 minutes.
After 15 minutes, use NATURAL PRESSURE RELEASE for 10 minutes, then quick release the rest of the pressure.
While the soup cooks, crumble the blue cheese and cut the cream cheese into small cubes.
Use a slotted spoon to remove the chicken to a cutting board and shred apart (or cut if you prefer chunks).
After the pressure has released and you've removed the chicken to a cutting board, add the two cheeses to the Instant Pot and let them melt while you shred the chicken apart.
When cheeses have melted, whisk soup together, then add the shredded chicken back into the soup.
Serve soup hot, with extra crumbled blue cheese and Frank's Red Hot Sauce to add at the table if desired.
