Add all the ingredients to the Instant Pot except for the butter and heavy cream. Close the lids and turn the pressure valve to sealing. Cook for 5 minutes on "pressure cook" or "manual". Let the pressure release naturally for 3-5 minutes before turning the valve to release the remaining pressure.
Using a stick blender break apart the florets. You can also pour the soup into a regular blender to blend.
Mix the butter and heavy cream into the soup with the stick blender (or in the regular blender). Blend well. Your soup should be thick and creamy.
Serve the soup hot and top with cheese, green onions, cracked pepper, and paprika. You can also add bacon or sour cream if you want. Enjoy!