Start by setting your Instant Pot to sauté mode. Add the butter, olive oil, diced peppers, and onions. Sauté for about 5 minutes or until the vegetables become soft. Add in the minced garlic, chicken bouillon, Tony Chachere Spices N’ Herbs, and the stewed tomatoes. Stir and cook for an additional 1-2 minutes, just until the aroma of the garlic is released.
Pour in 8 cups of water and add the bay leaves. Place the lid on the Instant Pot and close the pressure valve. Set the Instant Pot to stew mode for 10 minutes.
Once the stewing is complete, carefully release the pressure valve and remove the lid. Switch the Instant Pot back to sauté mode and add in the peeled and deveined shrimp. The shrimp will cook fully in just 3-5 minutes. Taste the mixture and adjust the seasoning with salt and pepper as needed.
Serve this delicious shrimp stew over cooked white rice and enjoy!