In an Instant Pot, mix 24oz macaroni noodles, 2 teaspoon salt, 2 teaspoon pepper, 2 tablespoon yellow mustard, 4 cups water or chicken broth, and 1 tablespoon hot sauce.
Seal on the lid and set the Instant Pot to manual, high pressure, 4 minutes. Once the cook cycle is over, quick release the pressure.
Once the pressure is released, open the lid. Add 12oz evaporated milk, 10.5oz cheddar cheese soup, and 8oz cream cheese, 2 cups of shredded cheddar, and 2 cups of shredded Colby jack cheese. Stir well until cheeses are melted.
Notes
The sauce might be thin at first, but should thicken quickly by stirring well.
I recommend shredding your own Colby jack and cheddar cheeses, as opposed to using pre-shredded cheese. The pre-shredded stuff uses anti-caking agents that can affect your cheese sauce.
Change the recipe up by adding steamed veggies, chicken, sausage, bacon, or extra seasonings.
Store leftovers in an air-tight container in the fridge for 3-4 days after cooking. The dish can also be frozen; add 3-4 portions to a quart-sized freezer bag and freeze flat.