Turn on a multi-functional pressure cooker (such as Instant Pot®), select Saute function, and add olive oil. Add bacon to warmed oil and saute for 2 minutes. Stir in onion and continue cooking until onion is soft and translucent, about 5 minutes. Add garlic and asparagus. Cook 1 to 2 minutes.

Pour chicken broth over asparagus mixture and bring to a boil. Turn Saute mode off and press the Manual mode. Close and lock the lid. Select High pressure according to manufacturer's instructions; set timer for 5 minutes. Allow 10 to 15 minutes for pressure to build.

Release pressure using the natural-release method according to manufacturer's instructions, 10 to 40 minutes. Unlock and remove the lid.

Puree asparagus mixture with an immersion blender until smooth. Mix in cream and select Saute function. Cook until soup is warmed through, but not boiling. Taste and season with salt and pepper.