Add water, salt, and macaroni to the Instant Pot.
Close the lid and set the valve to sealing.
Cook on high pressure for 4 minutes.
Once done, perform a quick release of pressure.
Stir in the butter, garlic powder, and onion powder.
Add milk and mix well.
Gradually stir in the cheddar cheese until melted.
Add Parmesan cheese and combine thoroughly.
Season with black pepper to taste.
Serve hot and enjoy!