In the inner pot of an Instant Pot, combine chicken broth, macaroni, butter, dried onion powder, dried mustard, hot sauce, and black pepper.
Put the lid on the pot and set the valve to the sealing position. Set to pressure cook on high for 5 minutes.
After the time is up do a quick release. Have a towel ready because there might be some liquid spraying. If there is extra liquid, put the lid back on and let sit for 2 minutes.
Add 1/4 cup of milk, then stir in handfuls of cheese at a time and stir until smooth and melted. Add more milk if needed. Adjust seasoning to taste and serve immediately.