Turn the Instant Pot to Sauté. Add the olive oil and let it heat for about 1 minute. Add the diced onion and cook for 3 to 4 minutes, stirring occasionally, until softened.
Stir in the minced garlic, curry powder, cumin, coriander, cayenne pepper, turmeric, salt, and black pepper. Cook for about 30 seconds, just until fragrant.
Pour in the diced tomatoes with their juices and the coconut milk. Stir well, scraping the bottom of the pot to prevent anything from sticking.
Secure the lid and set the Instant Pot to High Pressure for 2 minutes. Once the cooking time is complete, carefully perform a quick release.
Open the lid and stir the shrimp into the hot curry sauce. Turn the Instant Pot back to Sauté and cook for 2 to 4 minutes, stirring often, until the shrimp are pink, curled, and cooked through.
Turn off the Instant Pot. Taste and adjust with more salt, pepper, or cayenne if needed. Sprinkle with chopped cilantro before serving.