Combine vegetable broth, garbanzo beans, and beets in a multi-functional pressure cooker (such as Instant Pot(R)). Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 35 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid.
Strain garbanzo beans and beets, saving 1/3 cup liquid. Place garbanzo beans and beets in the bowl of a food processor; add lemon juice, tahini, olive oil, and garlic. Blend until smooth and creamy, about 3 minutes. Scrape bowl and add 1/3 cup reserved liquid, cumin, and salt; blend for 1 minute more.