Set a 6-quart Instant Pot to saute; add bacon and olive oil. Cook, stirring occasionally, until bacon is crisp, about 5 minutes.
Remove bacon with a slotted spoon; and set aside. Press Cancel to reset Instant Pot.
Pour bacon fat mixture into a bowl; and set aside.
Add 1 cup water and 2 teaspoons salt to Instant Pot. Place trivet in Instant Pot.
Pierce potatoes with a fork; place on top of trivet in Instant Pot. Place top on Instant Pot; twist to seal and lock. Turn Steam Release Valve to “sealing.” Set Instant Pot to cook at High Pressure for 15 minutes.
After cooking is complete, let pressure release naturally (approximately 10 minutes). After that, manually release the pressure by turning the Steam Release Valve to “venting.”
Carefully remove potatoes from Instant Pot; place on a rimmed baking sheet.
Set oven to broil. Brush potatoes with reserved bacon fat mixture; sprinkle with remaining 1 teaspoon salt and pepper.
Broil, turning as needed, until skin is crispy, about 5 minutes. Split potatoes open; top each with a pat of butter. Serve with cheese, sour cream, green onions, and reserved bacon.