Place the ground beef into the pot of the pressure cooker.
Set the cooker to saute and brown the ground beef.
Once the ground beef is browned, add in the water, pasta, seasoning and tomatoes.
Stir the contents of the pot well and be sure that the pasta is completely covered.
Place the lid on the pot and set the vent to the "sealed" position.
Set the pressure cooker to cook for 5 minutes on the manual high pressure setting. (If you prefer your pasta al dente then only cook for 4 minutes.)
Once the cooking cycle has finished, do a quick pressure release.
Add 8 oz of Velveeta cheese to the pot and stir continually until it’s melted.
Add the bacon to the pot and stir continually until it’s melted.