In an instant pot, mix together macaroni noodles, salt, pepper, mustard, water/chicken broth, and hot sauce.
Seal on the lid and set your Instant Pot to manual, high pressure, 4 minutes. Once the cook cycle is over, quick release the pressure.
Once all pressure is released, open the lid. Add evaporated milk, cheddar cheese soup, and cheeses. Stir well until melted.
Notes
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 than 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. Dish can also be frozen; add 3-4 portions to a quart-sized freezer bag and freeze flat.