Press SAUTE on Instant Pot. Heat butter, add bay leaf, minced ginger, and onions. Saute till the onions turn translucent.
Then add diced carrot, salt, freshly ground black pepper, and vegetable broth (or water). Give a quick stir.
Close the lid securely, and turn the vent to "SEALING". Select the PRESSURE COOK/MANUAL (High Pressure) setting and set the cooking time to 5 minutes.
When the instant pot beeps, allow the pressure to release naturally for 10 minutes, then release any remaining pressure before removing the lid.
Remove Bay leaf and puree the soup using an immersion blender until smooth. If you don’t have an immersion blender, puree in a blender in batches once slightly cooled. Then I usually sieve the puree and discard the residue, but it's totally optional.
Lastly, add full-fat coconut milk, adjust black pepper powder and salt at this stage and mix well. Let the soup simmer for 2 minutes.
Carrot Ginger Soup is ready to serve. Garnish with your favorite toppings.