Set the instant pot to the saute function and add the olive oil. Stir in the shallots, season with salt, and saute until translucent. Add the garlic and saute for 15 seconds or until fragrant.

Add the butternut squash, curry powder, cumin, turmeric, black pepper, coconut milk, and broth. Give everything a good stir. Turn off the saute function.

Seal the Instant Pot with the lid and cook on high pressure for 8 minutes (it should take about 10 minutes to come to pressure). Allow the pressure to naturally release for 10 minutes before releasing it manually.

Scoop the soup into a blender and blend until smooth. You may need to do this in batches. If you would like a thinner soup, feel free to add a bit more broth to the blender. If you would like a creamier soup, blend a bit more coconut milk into the soup.

Serve warm, garnished with toasted pepitas and cilantro.