Add butter, garlic, onions, pepper and carrots in the instant pot.
Select sauté and let the butter get soft. Till then stir well.
Add canned red beans along with their juice in the pot.
Add tomato paste, dried tomatoes, water and salt.
Lock the lid of the instant pot.
Set the instant pot to “Manual” at high pressure for 5 minutes, release the pressure naturally through steam vent.
Add sour cream into the pot and mix well with all contents in the instant pot.
Let the mixture be smooth.
Serve hot with fresh cream and nachos.