On sauté mode, add the olive oil and butter.
Once the butter has melted, add the onions and garlic to the pressure cooker and sauté for 2 to 3 minutes.
Add the salt, pepper, paprika, onion powder, and garlic powder to the onions and garlic and sauté for 30 seconds.
Turn off sauté mode and add the broccoli, carrots, and broth to the pressure cooker.
Close the lid, set the valve to sealing, and pressure cook on high pressure for 2 minutes before quick releasing.
You can remove up to half of the soup (or more) to blend with a blender or use an immersion blender and blend until the soup is as creamy or chunky as you'd prefer.
Add the shredded cheese to the pot and stir until melted into the soup.