Turn the sauté function of your Instant Pot on and add oil.
Once oil is hot, add the onions, garlic, cumin, and chili powder. Sauté for a few minutes until onion and garlic are fragrant. About 3 minutes
Turn off sauté function and add remaining ingredients to the pot.
Place lid on your Instant Pot and lock into play. Be sure valve is turned to sealing. Cook on HIGH pressure for 5 minutes. It will take your Instant Pot about 10 minutes to get up to pressure.
Once cooking time is up, carefully quick release the pressure and carefully remove the lid.
Using an immersion blender, puree the soup. If you do not have an immersion blender, you can puree the soup in batches in your blender. But be careful, as the soup will be incredibly hot.
Taste and adjust seasoning as desired.
Serve warm topped with sour cream, grated cheese, extra red onions, avocado, chips, salsa or whatever you desire. Store leftovers in fridge for up to 4 days.