Push saute on the Instant Pot and allow for the inner pot to become hot.
While getting hot, chop one small onion and garlic (can also used minced from jar). Once the pot reads HOT, add in butter and oil and allow butter to melt. Once melted, add in onions and garlic and saute for about 2-3 minutes.
Once onions are translucent, add in flour and whisk (or use wooden spoon) to combine. Cook for about 1 minute. Add in broth and stir well. Once it has started to thicken push cancel on the Instant Pot.
Add in chopped broccoli and shredded carrots, salt and pepper.
Place lid on Instant Pot and seal the valve. Press manual and adjust time to 8 minutes.
Once timer goes off after 8 minutes, quickly release pressure. Once pressure is released, open lid and stir in cheese. Allow to melt. (If using shredded, add in small bathes so it doesn’t clump).
Once cheese has melted add in heavy cream, stir and serve.