To the instant pot, add the olive oil, garlic, potatoes, onion, celery, carrots, bell pepper, corn, thyme, salt, crushed red pepper flakes, and 10 cups of water or vegetable stock. Make sure you have enough water or stock to cover the vegetables, and add more if needed.
Set to Manual or High pressure mode, and cook for 10 minutes. Allow to naturally released do not quick release the pressure.
Add the coconut milk to the soup and stir in well. Ladel about 4 cups of the soup into a blender, and blend until thick and creamy. Add back into the soup pot. Taste and adjust seasonings, enjoy!