Add olive oil to Instant Pot® inner cooking pot and select the “Sauté’ function. Use the “Adjust” button to select the “Normal” (medium) setting.
Once hot, add the diced shallot, all but 2 tablespoons of the red pepper, and garlic powder. Season with salt and black pepper, to taste, and stir to combine. Cook for 2-3 minutes, or until the vegetables start to soften.
Add the potatoes and continue cooking, stirring occasionally, for another 2-3 minutes or until the potatoes start to develop some color.
Deglaze the Instant Pot® inner cooking pot by pouring in the chicken broth and gently scraping the bottom with a rubber spatula to release the brown bits. Press the “Keep Warm/Cancel” button to turn off the Sauté function.
Add the frozen broccoli and cover. Lock the lid into place and make sure the vent is set to “Sealing.” Select the “Manual” setting and adjust setting to “High,” if necessary. Set cook time to 2 minutes.
When cook time is complete, allow the pressure to release naturally for 5 minutes, then do a quick release for any remaining steam before carefully removing the lid.
Add the cheese, one cup at a time, and stir until completely melted.
To prevent curdling, temper the heavy cream by add 2-3 tablespoons of the hot liquid from the Instant Pot® to it before adding it to the soup. Stir to combine.
Taste and adjust seasonings, as needed. Serve immediately topped with additional shredded cheese and remaining red pepper on top. Enjoy!