Place the uncooked elbow macaroni in the Instant Pot along with the chicken broth, butter, hot sauce, garlic powder, black pepper, and salt. Stir gently until the seasonings and other ingredients are evenly distributed.
Lock the Instant Pot lid securely in place and turn the pressure valve to the Sealing position. Select the manual or pressure-cook setting and cook on high pressure for 5 minutes.
As soon as the cooking cycle is complete, carefully perform a quick pressure release. Wait until all pressure has escaped before opening the lid. Stir the pasta briefly to separate any noodles that may have settled together during cooking.
While the macaroni is still very hot, pour in 1/2 cup of the milk and stir thoroughly. Add additional milk gradually, if required, until the pasta reaches the desired creamy consistency.
Add the cheddar, mozzarella, and Parmesan in approximately three to four smaller portions rather than all at once. Stir thoroughly after each addition so that the cheese melts evenly into a smooth, rich sauce.
Taste the finished macaroni and cheese and adjust the seasoning if necessary. Serve while hot and creamy.