Add Pasta and Liquid. Add 16-ounces of elbow macaroni or other recommended pasta in the Instant Pot inner liner and add 4 cups or 32-ounces of water or chicken broth.
Add Butter and Seasonings. Add 2 Tablespoons butter, 1 teaspoon hot sauce, 1/2 teaspoon each of garlic powder and onion powder, 1/4 teaspoon paprika, 1/2 teaspoon dry mustard, and salt and pepper to taste. (I use 1/2 teaspoon of each salt and pepper.)
Pressure Cook The Pasta. Place the lid on the Instant Pot and turn to close and lock, and move the pressure release valve to the sealing position. Press the pressure cook button, (or manual button) depending on your IP model, select HIGH PRESSURE for pressure level, and press + or - to adjust the pressure cook time to 5 MINUTES.
Do A Quick Release. Immediately after the Instant Pot has finished the 5 minutes of pressure cooking, and shows "L" on the front, use a long-handled spoon to move the pressure release valve to the venting position on top of the Instant Pot. Wait for the pressure to release and for the pin to drop. Then carefully remove the lid.
Add the Dairy Ingredients. Add 2 cups shredded sharp cheddar cheese, 1 cup shredded white cheddar cheese, and 1/2 cup shredded parmesan cheese and 1 cup of heavy cream into the pasta and stir until the cheese is melted and is thoroughly combined. The Instant Pot Macaroni and Cheese is ready to be served.