Turn on the instant pot and hit the "sauté" button. When it displays “Hot” add in the olive oil. Add shallots, garlic, ginger and leeks, and sauté until tender, about 5 minutes. Add beets and season with salt and pepper to taste. Add turmeric and paprika; mix to combined.
Add vegetable stock and coconut milk; stir to incorporated.
Turn the instant pot off. Cover with the lid and select the "soup" setting. Adjust cooking time to 15 minutes. You can quick or natural release the pressure, it's up to you. When the valve drops, remove the lid carefully.
Let cool slightly, then blend the soup using a blender, or an immersion blender, until smooth (see notes).
To serve, drizzle a little bit more of olive oil, and garnish with sour cream and roasted pepitas (if using).