Fry the bacon and the onion in your Instant Pot using the "saute" setting until the onions are soft and translucent and the bacon is cooked. Drain, keeping the bacon and onions in the pot.
Peel and chop up your Russet potatoes and place in the Instant Pot along with the broth. Add in the spices. Seal and using the soup button or manual cook for 45 minutes high pressure. Release the pressure manually according to the manufacturer's instructions.
In a medium-size pot over low heat, melt the butter. Stir in the flour until it's combined, it will be all clumped together, this is ok.
Next, little by little, stir in the milk making sure that the milk is absorbed into the flour without making it lumpy. Eventually, the mixture will be smooth.
When all of the milk has been added and the mixture is smooth, add in the cheese and stir until melted.
Whisk it into the Instant Pot. Use the saute button and while stirring frequently, let it thicken up. Serve when ready.
Nutrition is an automatic estimate and will vary with the brands you use.
Recipe from https://fastandslowcooking.com/instant-pot-potato-soup/