Ser your Instant Pot to the saute setting.
Add olive oil, onions, and chicken thighs to the inner pot.
Saute onions until transparent. Sear chicken thighs until they are browned on the outside, about 4-5 minutes.
Add water to the inner pot
Close and secure lid. Switch the vent to "sealing". Pressure cook on high pressure for 8 minutes.
Quick release pressure.
Remove chicken thighs and place them in a serving dish.
Add Cream cheese to the inner pot of the instant pot and hit the saute button Create a sauce using the juices in the instant pot and the cream cheese.
Drizzle the cream cheese sauce over the chicken
Sprinkle Everything but the bagel seasoning onto the chicken. Garnish and serve.