Set your Instant Pot to "Manual" mode and set the timer for 6 minutes. Make sure the vent is sealed and add the water and pasta to the pot. Add a dash of salt and pepper to the water. Remember the pot needs to preheat before the 6 minute countdown will begin.
While the Instant Pot is cooking, boil a small pot of water to cook the hot dogs in. I prefer this method to microwaving - if it's summer, feel free to throw them on the grill! Wait till the water is boiling, then remove from heat and cook the hotdogs for 6-7 minutes.
After the 6 minutes are up on the Instant Pot, let it vent for an additional 6 minutes before quick venting the rest of the pressure.
Change the mode on your Instant Pot from Manual to Saute. Add the cheese, evaporated milk, and mustard. Stir until melted.
Put the hot dogs in the buns and spoon the macaroni onto the hot dog. Sprinkle a tablespoon of bacon bits per hot dog on the macaroni. Serve and enjoy!