Remove lid from instant pot and add pasta, chicken broth, butter, salt, white pepper, and jalapeno peppers to the liner.
Replace lid and lock. Set on manual high pressure for 5 minutes. Allow 5 minutes of natural release, then quick release.
Once the pressure is released, carefully remove lid and add cheeses.
Give a little toss and replace the lid and allow to sit for 5 minutes. This will give the cheeses time to melt.
Carefully remove the lid again and add milk and bacon.
Mix well with rubber spatula or wooden spoon and pour into a 3 quart baking pan.
Sprinkle with Panko bread crumbs and place in 400 degree preheated oven for 15 minutes.
Carefully remove from oven, garnish with jalapeno peppers and green onions.
Carefully serve hot and enjoy!