Set sauté on the Instant pot to medium and melt the tablespoon of butter in the pot. Add the panko crumbs and stir to combine; continue stirring until brown. Watch carefully; they will only take a couple of minutes once they start browning. Leave the pressure cooker on sauté but remove the inner pot and scoop the crumbs into a bowl and set aside.

Put the inner pot back into the pressure cooker and add the chopped bacon to the pot and sauté, stirring, until crisp. Using a slotted spoon, remove the bacon and drain on paper towels. Add the bacon to the panko crumbs, stir, and set aside.

Remove all but 2 Tbsps of bacon fat from the pot and add the onion; saute for 5 minutes, add the garlic and continue cooking for one additional minute.

To the onion and garlic mixture, add the water, pasta, and salt; making sure the pasta is completely covered by the water. Close and lock the lid and make sure the steam release is in the sealing position. Cook on high for one minute (will take about 15 minutes to come to pressure).

When the timer goes off, let the steam release naturally for 4 minutes. Then release the rest of the steam by moving the pressure release valve back and forth a couple of times until all of the steam is released. Use caution, the steam can burn; use a hot pad to protect your fingers.

Check the pasta; it should be al dente; if it needs more time to cook, reset the lid and let it rest for a couple of minutes. It will also continue to cook as the cheese is melted.

Stir the evaporated milk, mustard powder, pepper, and nutmeg into the cooked pasta. Mix until evenly distributed.

Combine the cheeses in a medium bowl and combine; making sure especially to break up the ricotta and have it blended with all of the other cheeses. Add the cheeses, about a cup a time to the Instant Pot and stir to get each addition creamy before adding more.

Add the sherry or white wine to the pasta and combine thoroughly. Serve hot with the toasted panko and bacon combination scattered on top.