Set the Instant Pot to sauté. Add the butter and allow to melt. Add the onion, garlic powder and onion powder and cook, stirring for 2-3 minutes just until the onion is beginning to soften. Turn off the Instant Pot.
Add the remaining pre-cooking ingredients, through the half and half. Stir gently so that all the macaroni noodles are covered. Seal the pot and set to manual high pressure for 5 minutes. When the cooking time is done, quick release any remaining pressure.
Add all the cheese to the mixture and stir gently until all of the cheeses have melted. Serve