Switch pressure cooker to the SAUTE function and sauté onion in 1 tbsp oil for 3-5 minutes until edges are golden and tender. Add garlic at very end and cook 30 seconds more while stirring.
To deglaze any browned bits of onion from the pot, add vegetable broth and scrape with spatula
Add chopped carrots, seasoning (salt, pepper, oregano, basil, and optional sugar) along with canned tomatoes and tomato paste.
Set to HIGH pressure for 15 minutes and allow to come to pressure, allowing a natural pressure release for about 10 minutes.
Use a hand held immersion blender to puree until smooth.
Adjust and season to taste, adding broth or cream to achieve ideal thickness and flavor.