Turn on the sauté feature of your Instant Pot and add the oil. When heated, add the onions and sauté until slightly translucent, about 2-3 minutes.
Add the garlic and ginger, sauté for 30-60 seconds.
Now add the thyme, coriander and crushed red pepper. Sauté for 30-60 seconds until fragrant.
Cancel the sauté function and add the broth, carrots, bay leaves, salt, and cracked pepper.
Close and secure the lid. Turn the steam release handle to the Sealing position. Push the Pressure Cooker (Manual Setting) button to high pressure and set the time to 6 minutes by using the + or - button. The screen will then display ON while the preheating is in progress (this could take 8-12 minutes). When the Instant Pot has come to pressure, you'll see the 6 minutes displayed on the screen again.
The cooker will beep when the time is up. Don't touch anything, just let the pressure naturally release for 2-3 minutes. Now carefully turn the steam release handle to the Venting position (It will loudly spurt out lots of steam and some water). Once the Float Valve goes down you can carefully open the lid.
Remove the bay leaves and add the coconut milk and lime juice.
Using an immersion blender (or regular blender), blend until creamy and smooth. Taste for seasoning and add more if needed.
If the soup is too thick for your taste, you can add a small amount of vegetable broth to thin it out. *See notes for topping ideas.