Prep the bacon (cook the bacon until crispy, crumble), grate the Grana Padano, slice the jalapeños, and slice the green onion for the topping. Set aside.
Prep the vegetables: Thinly slice the onions and set aside. Core and chop the green cabbage into bite-sized pieces. Finely mince the carrots.
Add 2 tablespoons of extra-virgin olive oil to an Instant Pot and select the sauté feature. When the oil is hot, add the chopped cabbage and minced carrots.
Stir occasionally and add 1 teaspoon of freshly cracked black peppercorns, 1 teaspoon of sea salt, and 1 tablespoon of Old Bay seasoning.
Continue cooking for 12-15 minutes, or until the cabbage has softened and become translucent.
While the cabbage mixture is cooking, add a tablespoon of extra-virgin olive oil to a medium-sized skillet over medium-high heat. Add the onions and two tablespoons of unsalted sweet cream butter when the oil is hot.
Allow the butter to melt, then continue cooking until the onions begin to brown on the bottom.
Adjust the heat to its lowest setting and continue cooking the onions, stirring occasionally, for about 15-20 minutes. In the last 2 minutes remaining, add the garlic and cook for the remaining time. Turn off the stove and set the caramelized onions aside.
Add the remaining 4 tablespoons of unsalted sweet cream butter to a separate skillet over medium/high heat. When the butter melts, add the flour a little at a time, stirring continuously until you have a blond roux, about 10-12 minutes. Add the roux to the Instant Pot with the cabbage mix and stir until completely dissolved.
Slowly whisk the chicken stock into the cabbage mixture, then, little by little, stir in the 2 cups of heavy cream and continue stirring.
Stir in the 1 cup of whole milk.
Add in the caramelized onions and garlic you cooked earlier.
Taste and, if needed, make any necessary seasoning adjustments. (Feel free to add more freshly cracked black peppercorns and sea salt to taste.)
Allow the soup to simmer gently for 10-15 minutes, stirring occasionally. Do not allow the soup to boil after adding the dairy.
Spoon the soup into bowls, add desired toppings, and serve.