Heat 1 tablespoon olive oil in Instant Pot on "Saute". Once the oil is shiny and pot indicates "Hot", add onion and garlic. Stir and cook for 1 minute.
Add chili, cumin, 1 teaspoon salt and some fresh ground pepper. Stir and cook for 1 minute.
Add jalapeños, beans, broth, and roasted red peppers once done roasting. Stir to combine.
Press "Cancel" to turn off "Saute" function. Secure the lid on the Instant Pot. Select "Soup" (low pressure). The default time is 30 minutes.
Once the time is up, allow at 10 minute NPR and release the steam value. Once the pin has dropped, carefully remove the lid of the Instant Pot. Use an immersion blender to puree the soup until the large chunks of the red pepper are blended.
Serve hot, topped with some sour cream, crushed tortilla chips, shredded cheese and/or cilantro.