To the Instant Pot, add the macaroni, water and chicken broth. Set the Instant Pot to "sealing," and then cook on manual, high pressure for 4 minutes with a "quick release" following.
Open the Instant Pot and stir in the butter, Dijon, salt and pepper. Stir in the cheeses a little at a time. Stir in ½ cup of the cream. You want the cheese to be completely melted and the consistency to be nice and creamy. Add more cream as needed.
Notes
To make this recipe vegetarian, use vegetable broth instead of chicken broth.