Press Saute on the Instant Pot and add the olive oil. Once it is hot, add the chopped onion and cook for 3 to 4 minutes until softened and starting to turn translucent. Add the smashed garlic cloves and cook for 1 minute more, stirring so the garlic does not burn.

Add the drained roasted red peppers, diced tomatoes with their juices, vegetable broth, smoked paprika, cayenne, salt, and black pepper. Stir everything together. Press Cancel to turn off Saute mode.

Secure the lid and set the valve to Sealing. Press Pressure Cook and set to High pressure for 8 minutes. When the cook time is done, carefully turn the valve to Venting for a quick release. Keep your hands away from the steam vent.

Open the lid and let the soup cool for 3 to 4 minutes. If you are using an immersion blender, blend the soup directly in the pot until completely smooth, about 60 seconds of blending. If using a countertop blender, work in batches and fill it no more than halfway each time. Hold the lid down firmly with a folded kitchen towel to prevent hot soup from forcing the lid off.

Once the soup is blended smooth, stir in the heavy cream or coconut cream and the reserved tablespoon of pepper brine from the jar. The brine adds a tangy note that brightens the whole flavor. Taste and adjust salt, pepper, or cayenne as needed.

Ladle into bowls and top with fresh basil or parsley. A drizzle of olive oil or a swirl of cream on top makes for a nice presentation if you are serving guests.