In the instant pot, add the olive oil and turn on the sautee mode. Once warm, add the carrots and onion and saute for 5-7 minutes or until slightly softened. Add the garlic, ginger, and nutmeg and cook for an additional minute.

Pour in the pumpkin puree, sherry cooking wine, and vegetable broth. Change the setting to manual and set the timer for 10 minutes. Make sure the vent is set to sealing. Turn the lid to close and lock. Once the timer is done, you can either let the pressure naturally release or gently release the pressure by turning the knob to the vent mode.

Once the soup is slightly cooled, first remove the bay leaf. Then, using an immersion blender, puree the soup to a smooth consistency (or to your liking). If you prefer a blender, transfer the soup (once cooled) in batches and puree until a smooth consistency. Transfer the soup back to the instant pot (if using the blender method). Stir in the heavy cream and top with your favorite toppings. Serve with your favorite bread or salad to create a delicious meal.