Select Sauté 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, for about 5 minutes.
Add garlic and asparagus. Cook 1 to 2 minutes.
Pour chicken broth over asparagus mixture and bring to a boil.
Turn Sauté mode off and turn on 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 Sauté function. Cook until the soup is warmed through, but not boiling.
Taste and season with salt and pepper.