Step 1

Turn on a multi-cooker (such as Instant Pot®) and select the Saute function. Add olive oil, onion, and garlic; cook until browned, about 3 minutes. Add cauliflower, green bell pepper, onion powder, salt, and pepper. Pour in chicken stock; close and lock the lid. Select Soup function; set timer for 15 minutes. Allow 10 to 15 minutes for pressure to build.

Step 2

Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove lid. Add Cheddar cheese, half-and-half, turkey bacon, Dijon mustard, and hot sauce. Reselect Saute function; cook until bubbly, about 5 minutes.