This was so easy.  I have never made mac&cheese in the instant pot before and this will be my new go-to.
 I happened to have leftover sautéed onion and garlic in the fridge and added that to the pasta water, (could have added even more:).
Added about 1 cup cubed American pasteurized cheese (Velveeta) as well as the 2 cups shredded (cheddar, provolone, mozzarella mix).  I added 1 cup of milk and did not add any other liquid.  
It turned out fantastic!  It is creamy, cheesy and the pasta is perfectly cooked.
