Chop cabbage into 1- to 2-inch pieces.
Cook bacon in an open 8-quart pressure cooker over medium heat until tender, 4 to 5 minutes. Do not crisp the bacon unless you just like it that way. Add butter and stir until melted.
Place the chopped cabbage into the pot and pour in chicken broth. Add salt and black pepper to taste and toss the cabbage until coated.
Secure the lid to your pressure cooker, place the regulator on top (depending on the type of pressure cooker you have), and turn the heat up to high. When the regulator begins to rock or the cooker reaches full pressure, lower the heat to maintain a gentle rocking motion (15 pounds per square inch). Cook for 3 minutes.
Immediately remove the cooker from the heat and use the quick-release method recommended by your cooker's manufacturer to reduce the pressure. Transfer cabbage to a serving dish and serve hot.