Press the Sauté button on the Instant Pot® and melt butter. Add jalapeños and onion. Cook until tender, about 6 minutes, then add garlic, cumin, coriander, salt, black pepper, and paprika. Cook until fragrant, about 1 minute.
Add flour and cook for 1 minute, making sure all flour is moistened. Press the Cancel button, then slowly add broth and mix well, scraping the bottom of pot well. Close lid, set steam release to Sealing, press the Manual button, and set time for 3 minutes.
When the timer beeps, let pressure release naturally for 10 minutes, then quick-release the remaining pressure. Press the Cancel button, open lid, and stir soup well. Purée with an immersion blender or blend soup in batches in a blender. Stir in cream. Serve hot.