Chop the bacon into small 1″ pieces.
Using the sautee function, cook the bacon in the pot until crispy.
Once cooked, remove the bacon & place on a plate lined with paper towels.
Carefully drain the bacon grease out of the pot into a glass container & set aside to cool.
Wipe out the pot & then add the uncooked macaroni noodles, chicken broth, butter, chili powder, garlic powder, minced garlic, minced onions, salt & pepper to the pot.
Place the lid on & set to sealing.
Cook on manual, high pressure for 5 minutes.
Once finished, do a quick release.
Stir in cheese, bacon & milk until smooth.
Season to taste if necessary.