Add the butter to the instant pot. Hit Saute and adjust so it's on More.
Once the butter's melted, add the shallots, carrots, peppers, and garlic and saute for about 3 minutes.
Follow by adding the flour until the vegetables are nice and coated and constantly stir for another 2 minutes.
Add the chicken broth, beer, and liquid smoke and whisk to combine. Be sure to get any flour lumps out and deglaze/scrape the bottom of the pot to ensure no flour is caked on.
Secure the lid, and move the valve to sealing position and hit Keep Warm/Cancel. Then hit Manual or Pressure Cook High Pressure for 5 minutes. Perform a quick release when done.
Add the cream and whisk in with the thickened broth.
Then, whisk in the cheddar cheese and Boursin or cream cheese until smooth.
Follow by whisking in the Old Bay, nutmeg, thyme, lemon juice, Worcestershire sauce, and hot sauce until fully combined.
Puree the soup by either using an immersion blender or in batches in a regular blender. If it's in the blender, don't fill more than halfway to prevent overflow. Immerse until very smooth and vegetables are pulverized.
Cook the hot bread or pretzels according to package directions (usually about 5 minutes in the oven). Serve alongside the soup for dipping.
Ladle into bowls and garnish with a few crumbles of blue cheese.