Dump all the ingredients in the Instant Pot. Pressure cook for 30 minutes and natural release after 20 minutes. It will take about 10 mintues to come to pressure.
(optional) For those who like very smooth red bean soups, you can use a regular blender or immersion blender to break down the beans. I skip this step 99% of the time due to laziness and because my family doesn't mind the texture of red beans in the soup.
Set the Instant Pot to "SAUTE" to thicken the soup. Let the soup boil until it reaches your desired thickness. We usually let is boil for about 10 minutes. During this stage, carefully taste (it's hot!) the soup and add in more sugar, if desired. The soup will also thicken after storing in the refrigerator.