Combine your elbow noodles, water, onion powder, dry mustard, pepper, jalapeno pepper, and butter in Instant Pot inner pot.
Close the instant pot lid and turn pressure valve to seal. Cook on manual high pressure for 6 minutes.
Allow for a quick pressure release and then add in the remaining ingredients, stirring in the cream cheese and cheese to melt with the pasta, and then adding in the milk a little at a time.
Serve in a bowl and add some more shredded cheese on top. We like ours very cheese and you can tell.