If using bacon (optional), cut or slice the bacon horizontally into thick chunks.
Using the sauté setting on the Instant Pot, add the bacon to a hot pot and cook until crisped to your liking. Cancel the sauté and remove the bacon, setting it aside on a paper towel to drain.
Leave any remaining bacon grease in the bottom of the pot. Carefully deglaze with a small splash of broth, scraping the bottom of the pan thoroughly with a spatula. This will help you avoid a burn error.
Add the uncooked elbow macaroni, chicken broth, butter, hot sauce, Worcestershire sauce, garlic powder, salt, and pepper to the Instant Pot and stir.
Close the lid and set it to sealing. Pressure cook on HIGH for 5 minutes. It will take about 10 minutes to come to pressure before the cooking time begins. After the cooking time is complete, follow by a quick release.
Add half of the half and half and half of the cheddar and mozzarella cheeses, stirring until the cheese is melted.
Next, stir in the remaining cheese along with the pumpkin puree and cooked bacon chunks, reserving some of the bacon bits for topping. Slowly add the remaining half and half until you reach your desired consistency.
Top with the remaining bacon bits and serve.
Notes
Nutrition was estimated using MyFitnessPal. Fat 27 g, Carbohydrate 72 g, Protein 30 g.