Using the sauté setting of the electric pressure cooker, sauté the onion, celery and carrots in olive oil for about 5 minutes.
Add the salt, black pepper, red pepper flakes and basil, and sauté for 1-2 minutes more.
Turn off the sauté setting. Add bay leaves, tomatoes, and chicken or vegetable broth. Stir and scrape up any browned bits from the bottom.
Secure the lid and select Pressure Cook or Manual at high pressure for 15 minutes. Follow your model's sealing instructions and soup fill limit; do not exceed the Instant Pot half-full mark for soup.
Allow the pressure to release naturally until fully released, following your model's soup instructions. Do not force the lid open. Open the lid away from your face.
Remove and discard both bay leaves before blending.
With the cooker turned off, puree the soup using an immersion blender. Keep the blender head submerged to limit hot splashes.
After pressure cooking and blending, add the cream and stir until well blended.
Taste and adjust seasonings as desired.