Put the chopped up bacon in the Instant Pot. Press the "Saute" button and then cook for 8 minutes. Once it is done, remove the bacon from the Instant Pot.
Hit "Cancel" on the Instant Pot and then add in the salt, butter, pasta, and water. Put the lid on the Instant Pot and seal the valve.
Cook on "Manual" and press high pressure. Cook this for 4 minutes.
Allow for the steam to release, then remove the lid and put in the evaporated milk. Add in the gouda cheese and cheddar cheese. You can add a dash of black pepper now too.
On the Instant Pot, press "Saute" and then cook for around 4 minutes. You want the cheese to melt but not burn, so stir often.
You now can add the bacon back into the Instant Pot and serve once done.