Combine the water and macaroni noodles in the Instant Pot. Place the lid on the pot and seal ensure the vent in closed.
Set the Instant Pot mode to Manual with High Pressure. Set the Instant Pot timer to 5 minutes. When the time is up, let the steam release naturally, about 10 minutes.
Once the steam is released, remove the lid and stir in the remaining ingredients, stir well until cheese is melted. It's ok if there is a little bit of water left in the pot. If there is a large amount of water drain off the excess before adding the remaining ingredients.