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Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Heat olive oil and add onion, carrot, and celery; cook until translucent and tender, about 8 minutes. Add squash, thyme, and marjoram; cook until the squash has begun to sweat and absorb the flavors, about 5 minutes more. Pour in broth.
Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 10 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid. Adjust seasoning with salt and pepper. Blend with an immersion blender until creamy.