Combine all ingredients in the Instant Pot™. Lock lid. Press the Manual or Pressure Cook button and adjust time to 10 minutes. When timer beeps, let pressure release naturally for 5 minutes. Quick-release any remaining pressure until float valve drops and then unlock lid.
Use an immersion blender to blend the sauce in the pot until smooth.
Pour sauce into a lidded container or jar and refrigerate until ready to use. Use within 5 days.