In an Instant Pot or other electric pressure cooker, turn on the “Sauté” function. When the Instant pot reads “hot” on the display, add the olive oil.
Add the carrots, shallots, and peppers (if using). Sauté in olive oil 4-6 minutes, until slightly softened and some of the edges are slightly caramelized. Stir occasionally, but not too much - caramelization happens when veggies sit still!
Add the spice blend and stir to coat. Saute for 2-4 minutes more, allowing the spice blend to toast slightly and giving time for more caramelization happens. This builds flavor!
Add the squash and the stock, stirring up any browned bits from the bottom of the Instant Pot.
Press the “Manual” or “Pressure Cook” button, and set the timer to 8 minutes. Put the lid on, and make sure the valve is set to “sealing”. When the timer is done, manually release the pressure. Turn the Instant Pot off.
Using an immersion blender or (carefully!) working in batches with a regular blender, puree the soup until smooth. If you’re using an immersion blender, this step can be done directly in the pot. Test the soup and adjust seasoning as needed - it will probably need more salt. Enjoy!