Place the inner pot in the Instant Pot base.
Place the carrots, Kabocha, water, chicken bouillon, bell pepper, minced garlic, ginger, and bay leaves on top.
Cover with the pressure cooker lid and push the pressure cooker setting. Set the pressure on HI. Set the timer to ten minutes. Quick release slowly when done. Releasing the pressure quickly will spew out some of the cooked Kambocha.
Open the lid and remove the bay leaves. Add the heavy whipping cream and transfer half of the mixture to a blender to smoothen the soup.
Pour the blended mixture back into the inner pot and press the saute' button setting. Let the soup simmer for five minutes and season to taste.