Firstly, press SAUTE on Instant Pot. Next, add Olive oil (or butter) and once it's hot, add bay leaf and minced garlic and saute for 30 seconds.
Next, add onions and saute until they soften.
Then add carrots, red bell pepper, diced tomatoes, vegetable broth (water), black pepper powder, and salt. Carrot adds creamy texture, sweetness and brings bright color to the dish.
Red bell pepper gives a nice smoky flavor and color to the soup. But it's optional. You can also use celery for this recipe.
Close the lid securely, and turn the vent to "SEALING". Select the PRESSURE COOK/MANUAL (High Pressure) setting and set the cooking time to 6 minutes.When the instant pot beeps, allow the pressure to release naturally before removing the lid. Remove the Bay leaf and puree the soup until smooth using an immersion blender. ( Or transfer the mixture to a traditional blender in batches and puree until smooth).Then strain the puree using fine mesh sieve and discard the residue, but this step is optional. Add dried basil, black pepper powder, heavy cream (or milk or half and a half), and stir well. It is entirely up to you which of these three you want to use; remember that the higher the fat content, the creamier the soup. Adjust seasoning at this stage.
If you think the soup is too thick, you can add water or milk and simmer it for 2 minutes.
Serve hot and top with croutons and a drizzle of heavy cream.