Place the elbow macaroni pasta in the instant pot.
Also add salt, minced onion, garlic powder and onion powder to the instant pot.
Add the water and mix well to combine with the pasta and seasonings.
Place the butter (preferrably sliced) on top.
Close the instant pot with lid in sealing position, cook in high pressure for one minute.
When the cooking is done, press the cancel button and let the pressure release naturally for about 14 minutes.
Once it's done, carefully release the remaining pressure manually and gradually.
Once the pressure is all released, carefully open the instant pot.
Add olive oil, chilled heavy cream and milk, gently mix in to combine with the pasta.
Add the shredded cheese also to the instant pot and mix to combine. Enjoy the delicious and creamy mac and cheese with any sides like vegetables, corn or just enjoy it as it is!