Press the Saute button. Heat oil and add onion. Saute for 5 minutes.
Add chicken broth, broccoli, carrots, and nutmeg.
Press the Cancel/Keep Warm button. Lock lid into place and turn knob to sealing.
Press the Manual or Pressure Cook button. Set cook time for 4 minutes.
Do a quick release and stir in cream.
Press the Saute button again, but do not bring to boil.
Stir in cheese and hot sauce.
Slow Cooker Instructions
In a large saucepan, melt butter over medium heat and whisk in flour until thickened.
Gradually whisk in milk until thick and creamy.
Place onion, broccoli, garlic, Italian seasoning and cream cheese to slow cooker.
Add creamy sauce from saucepan and chicken broth; stir to combine.
Cover and cook on high for 3-4 hours or low for 4-6 hours.
Before serving, mix in cheddar cheese, salt and pepper.
Stir until cheese melts completely.
Serve warm.
Notes
If you do not have an Instant Pot or slow cooker, you can make this soup on the stovetop. Follow the same instructions as the Instant pot, but let it simmer on low heat for 30 minutes. The broccoli should become very soft and break into small parts easily.To avoid lumpy cheese, buy a block of cheese and shred it yourself. It adds one more step, but I have found that store bought shredded cheese tends to get lumpy.