How to Make It
In a 6-quart Instant Pot® add chopped bacon and press [Sauté]. Cook bacon for 8 minutes or until crispy. Remove bacon with a slotted spoon and set aside. Turn Instant Pot off by hitting [Cancel].
Add the pasta, water, butter, and salt. Close and lock the lid of the Instant Pot® and press [Manual], select high pressure and use [Adjust] to select "Less" mode. Press [-] or [+] to choose 4 minutes cook time.
Carefully turn knob to vent position to release steam. Remove lid. Stir in the evaporated milk, cheddar cheese, Gouda cheese and black pepper. Press [Sauté] and cook for about 4 minutes or until the cheese had melted, stirring frequently. Stir in bacon and serve warm.