Set the Instant Pot to Sauté mode and heat the olive oil.
Add the onion and cook until soft, about 3-4 minutes.
Stir in the garlic and cook for 1 more minute.
Add the butternut squash, carrot, vegetable broth, salt, pepper, and cinnamon.
Secure the lid, set valve to Sealing, and pressure cook on High for 8 minutes.
Once done, quick release the pressure carefully.
Use an immersion blender to puree the soup until smooth.
Stir in the coconut milk. Taste and adjust seasoning as needed.
Serve hot with a swirl of coconut milk if desired.