Press SAUTÉ and set for MEDIUM, NORMAL, OR CUSTOM 300°F. Set the time for 10 minutes.
Pour the broth and Frank’s RedHot sauce into the insert set in a 5-, 6-, or 8-quart Instant Pot. Stir in the chicken and butter. Continue cooking, stirring occasionally, until the mixture is steamy but not simmering, about 4 minutes.
Stir in the macaroni and continue cooking until little simmering bubbles begin to appear in the pot. Turn off the SAUTÉ function and lock the lid onto the cooker.
Set Instant Pot for PRESSURE COOK or MANUAL on LOW pressure. Set the pot for 5 minutes.
When the pot has finished cooking, use the quick- release method to bring the pressure back to normal. Unlatch the lid and open the cooker. Whisk the cream or half-and-half, flour, and nutmeg in a small bowl until smooth before you turn on the SAUTÉ function in the next step.
Press SAUTÉ and set for MEDIUM, NORMAL, OR CUSTOM 300°F. Set the time for 5 minutes.
As the pot begins to heat, stir the cream slurry into the macaroni mixture. Continue cooking, stirring constantly, until bubbling and thickened, about 1 minute. Stir in the Gouda and Parmigiano- Reggiano, turn off the SAUTÉ function, and use hot pads or silicone baking mitts to transfer the (hot!) insert to a nearby wire rack to stop the cooking. Cool for a few minutes to melt the cheese, then stir well and serve warm, garnishing with crumbled blue cheese.