Set the Instant Pot to Saute and add the bacon slices.
Cook bacon and remove to drain on a paper towel. Do not remove the grease. Chop once cool.
Add the diced onions, carrots, and garlic.
Cook until the onions are translucent and the garlic is fragrant.
Add the chicken broth and deglaze the pot until any stuck-on bits on the liner are removed.
Add the cubed potatoes and the cauliflower.
Sprinkle in the nutmeg, salt, and pepper.
Close the lid and vent and pressure cook on HIGH PRESSURE for 3 minutes using either the MANUAL or PRESSURE COOK setting.
Allow the pot to naturally release pressure for 10 minutes before opening the lid.
Use an immersion blender to puree some of the soup.*
Set the pressure cooker to saute and add the heavy cream and the shredded cheese.
If desired, make a slurry using the cornstarch and water to add to the pot. This will thicken the soup.
Serve with the chopped bacon and scallions.
Notes
*If using a countertop blender, carefully remove half of the soup and pour it into the blender. Allow the steam to escape with pureeing the soup. Return the soup to the pot before adding the remaining ingredients. If desired, you can replace the potatoes with cauliflower in this recipe. Cooking times stay the same. Always refer to your pressure cooker's manual for safety and proper use.