Can I use another type of white fish besides Mahi Mahi?

Yes, you can use whatever type of fish you like. I would stick with white fish or salmon for this recipe, though.

Can I use light coconut milk for this recipe?

Yes, but your fish stew will not be as rich and flavorful.

If you don't have any coconut sugar you can substitute brown sugar in place of it.

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In the bowl of a 6-quart or 8-quart Instant Pot, combine the chopped fish, bell peppers, onion, coconut milk, vegetable broth, coconut sugar, sea salt, and black pepper.
Lock on the lid and set the time to 5 minutes at high pressure.
When the cooking time is up, use the quick-release to get rid of the pressure.
Carefully remove the lid and stir the ingredients.
Serve the Coconut Fish Stew hot, over your choice of cooked white rice, brown rice, or sautéed cauliflower rice.

You can use whatever white fish you like for this recipe including Mahi Mahi, halibut, cod, or even salmon.
You can use light coconut milk, if you prefer.
Leave out the coconut sugar if you are on a low-sugar, low-carb, or Whole30 diet.
Feel free to serve your cooked fish with a squeeze of fresh lemon juice, if desired.
If you don’t have vegetable broth, feel free to use chicken broth or even a cup of water instead.