Trim any visible fat from the chicken breasts and cut each breast into 3–4 lengthwise strips.
Place the chicken strips in the Instant Pot; add the Pace Picante Sauce, onion powder, and garlic powder, and stir to combine.
Lock the lid and set the Instant Pot to High Pressure for 8 minutes.
When the cook time ends, allow a 10-minute natural release, then quick-release any remaining pressure and open the lid.
Transfer the chicken strips to a cutting board and shred them with two forks.
Turn the Instant Pot to Sauté (low) and simmer the remaining liquid until it reduces to about 1/2 cup, about 3–6 minutes.
Turn the Instant Pot off briefly, then stir in the Green Tabasco Sauce, lime juice, diced green chiles with their juice, and the cubed cream cheese; whisk until the cream cheese melts into a creamy sauce.
Add the shredded chicken back into the pot and stir in the 3/4 cup grated Mexican blend cheese until warmed and slightly melted; keep on low heat for a minute if needed to heat through.
Heat tortillas in a hot, dry skillet for about 1 minute per side or until warm and pliable.
Fill each tortilla with the cheesy chicken mixture, sprinkle with extra grated cheese, and top with sliced olives and green onions if desired.