Heat oven to 350°F. Spray 2 mini muffin pans with cooking spray. In 2- to 3-quart saucepan, heat evaporated milk, hot water, macaroni and salt to boiling over high heat. Reduce heat to medium; cook 7 to 9 minutes, stirring frequently, until pasta is tender and liquid is almost gone. Remove from heat; stir in cheese until melted, then bacon. Add more salt to taste, if desired.