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Add the dried pasta, chicken broth, water, butter, hot sauce, salt, garlic powder, pepper, smoked paprika, dried mustard, and onion powder to the liner of an Instant Pot. Use a wooden spoon to gently press down to make sure all pasta is submerged in the liquid. Don't stir.
Secure Instant Pot lid, making sure the valve is set to "sealing". Press the Pressure Cook or Manual button and use the +/- buttons to set the timer for 4 minutes.
Once the timer beeps, let out the pressure by carefully moving the valve to “venting" to perform a quick release. Be aware, this recipe is starchy, and can sputter quite a bit when venting. I usually place a folded paper towel loosely over the vent to prevent any kitchen messes.
When the pin drops, remove lid and set aside. Turn the Instant Pot OFF to avoid overcooking your pasta. There will be some water left in your pot - don't drain it. This helps create the smooth, cheesy sauce.
Add heavy cream and stir. Add in cheeses, a handful or so at a time, stirring after each addition. Keep stirring until they have completely melted into a creamy sauce.
As a side note, this mac and cheese does thicken as it sits, so if it seems on the thin side - just let it sit for a minute or so, and it will thicken up. Taste and adjust seasoning if necessary.