Start by toasting Italian panko bread crumbs in the oven until golden brown.  Set aside.

Add broth, water, elbow pasta and salt to a pressure cooker or Instant Pot and place the lid on and in the sealed position.  Cook on high for 4 minutes (manual mode).  Do a quick release.  

While the pasta is cooking, warm up 1/4 cup of milk and shred cheese.  

After a quick release, add the butter and stir until melted.  Add 1/3 of the cheese at a time, stirring until completely melted and follow with 2 tbl of milk.  Add hot sauce if desired. 

Stir until well incorporated.  Repeat until all the cheese has been added.  Add cream cheese and stir until completely melted.

Plate and serve, adding panko breadcrumbs to the top.  

Enjoy!