Cook Pasta. Add the elbow macaroni, water, and salt to the Instant Pot. Cook on high pressure for 4 minutes, then quick-release the pressure.
Make Cheese Sauce. Stir in the butter, evaporated milk, spices, and hot sauce (if using). Then, gradually add the shredded cheddar and Monterey Jack cheeses, stirring until smooth and creamy.
Serve. Serve the mac and cheese hot, garnished with extra cheese or your favorite toppings.