Add the elbow macaroni, water, salt, black pepper, garlic powder, and onion powder into the Instant Pot. Stir to combine.
Close the lid on the Instant Pot and set the nozzle to the sealing position. Select the manual or pressure cook setting and set the cooking time to 4 minutes on high pressure.
While the pasta cooks, prepare the cheese sauce by combining the cheddar cheese, mozzarella cheese, cream cheese, and milk in a mixing bowl. Set aside.
Once the cooking time is complete, carefully perform a quick release of the pressure by turning the nozzle to the venting position.
Open the lid and immediately add the cheese mixture to the cooked pasta. Stir well until everything is combined and the cheese is melted, creating a creamy sauce.
If desired, sprinkle additional cheese on top and let it melt for a few minutes before serving.