Set the Instant Pot to the sauté function. Add the butter and olive oil. Once melted, add the sliced onions, salt, and sugar. Sauté for about 10-15 minutes until the onions are deeply caramelized.
Add the minced garlic and sauté for an additional 1-2 minutes until fragrant.
Pour in the white wine (if using) and deglaze the bottom of the pot, scraping up any browned bits. Let it simmer for 2 minutes.
Add the beef broth, Worcestershire sauce, thyme, and bay leaf. Stir to combine.
Close the lid of the Instant Pot and ensure the pressure release valve is set to 'sealing.' Select the manual or pressure cook setting and cook on high pressure for 15 minutes.
Once the cooking time is complete, allow the pressure to release naturally for 10 minutes before manually releasing any remaining pressure.
Carefully remove the bay leaf from the soup. Taste and adjust seasoning if necessary.
Preheat your oven broiler. Toast the baguette slices until golden brown.
Ladle the soup into oven-safe bowls or crocks, top each with 1-2 slices of toasted baguette, and sprinkle generously with shredded Gruyère cheese.
Place the bowls under the broiler for 2-3 minutes until the cheese is bubbly and golden brown. Watch closely to prevent burning.
Carefully remove the bowls from the oven and let them cool slightly before serving.