Press Sauté on the Instant Pot, add the butter, and sauté the onions and celery until slightly soft
Stir in the broccoli florets, grated carrots, salt, garlic powder, pepper and smoked paprika
Hit Cancel to turn pot off, then add broth, and place lid on pressure cooker, and make sure valve is at sealing position
Hit Pressure Cook for 2 minutes. The pot takes about 10 to 15 minutes to reach pressure. After pressure cooking, do a quick release after pot beeps.
When pin drops, remove lid, break up broccoli with a spoon, and hit Cancel. Then, hit Sauté, and mix cornstarch and water in a small bowl until well blended. When soup starts to bubble, stir in the cornstarch slurry and allow to cook for a minute
Hit Cancel, then stir in the heavy cream, and 1 cup of cheese at a time until well blended. Use Keep Warm setting until ready to eat or serve immediately. Soup will thicken even more as it cools down