Cook Bacon: Set your Instant Pot to "Sauté" mode and let it heat up. Add the chopped bacon to the pot and cook until it becomes crispy, stirring occasionally. This should take about 4-5 minutes. Once done, transfer the bacon to a paper towel-lined plate to drain excess grease. Leave about a teaspoon of bacon fat in the Instant Pot for added flavor.

Cook Pasta: In the same Instant Pot, add the elbow macaroni and chicken or vegetable broth. Stir well to ensure the pasta is submerged in the broth. Close the lid and set the valve to the sealing position. Cook on high pressure for half the time indicated on the pasta package minus 1 minute. For example, if your pasta package says to cook for 8 minutes, you'll cook it in the Instant Pot for 3 minutes.

Quick Release and Add Ingredients: Once the cooking cycle is complete, perform a quick pressure release. Be careful of the hot steam. Open the Instant Pot and switch it back to "Sauté" mode. Add the milk, shredded cheddar cheese, garlic powder, and cooked bacon to the pot. Stir well until the cheese is melted and the sauce is creamy. Season with salt and pepper to taste.

Serve: Once the mac and cheese are creamy and well combined, turn off the Instant Pot. Transfer the mac and cheese to a serving bowl and garnish with chopped chives or parsley if desired. Serve hot and enjoy your delicious Instant Pot Bacon Mac and Cheese for one!