Add the uncooked macaroni, chicken broth, butter, hot sauce, garlic powder, pepper, and salt to the Instant Pot.
Place the lid on the pot and set to sealing. Cook on manual function, high pressure for 5 minutes. Then, do a quick release.
Add the milk, then the cheese to the pot in 3-4 handfuls, stirring in between each addition until smooth and creamy. Season as necessary to taste.