Start off with butter in the Instant Pot on sauté mode, before adding in the onions. Sauté for a minute before adding in the carrots. Continue to sauté for another minute.
Add in the bay leaf, thyme, chicken stock, mushrooms, wild rice, and heavy cream. Stir.
Add in the chicken thighs, salt, and pepper. Give it one more quick stir and put on the lid.
Set the valve to sealing and the pot to 35 minutes.
When done, NPR for 10-15 minutes before very carefully doing a controlled quick release.
Open the lid and give everything a stir. The chicken thighs should be falling apart, if not, manually shred them.