Set the Instant Pot to sauté and add coconut oil. Once the screen reads "hot" and oil is melted, add onion and garlic. Cook, stirring occasionally until onion begins to soften, 3-5 minutes.
Add squash and potato, and stir to combine. Cook another couple of minutes until squash begins to soften, stirring occasionally.
Press the cancel button on the screen, then add all other ingredients, with the exception of coconut milk. Stir to combine, then tighten the lid on the pot. Ensure vent valve is set to "sealing."
Press the "Manual" button, and set the timer to 10 minutes on high pressure. Once completed cooking and the pot beeps, let pressure release naturally. If you're in a hurry you can release manually, but be careful. Remove lid once pressure has dissipated.
Using an immersion blender, purée soup directly in the pot. Alternatively, transfer contents to a food processor or high powdered blender. Blend until smooth, then add coconut milk and additional seasonings to taste. Blend again to combine.
Top with toasted pumpkin seeds, coconut cream, and a dash of smoked paprika if desired.