Add the macaroni, broth, water, butter, garlic powder, and salt and pepper to a large pot over high heat.
As soon as the mixture comes to a boil, reduce the heat to medium-low and gently simmer, stirring frequently (every 1-2 minutes) until the noodles are cooked through.
Remove the pan from the heat. Add the milk, hot sauce, and dijon mustard.
Add the cheese in thirds, stirring between each addition until well incorporated and smooth.
Serve immediately. Refrigerate leftovers for up to 3 days.