Melt the butter in a large pot over medium heat. Add the flour, then whisk until combined, about 30 seconds.
Pour in the water and whisk until smooth and just thickened.
Add the milk and whisk until combined.
Stir in the macaroni, salt, garlic powder, onion powder and pepper, then bring the mixture to a simmer.
Cook for 8-10 minutes, stirring occasionally, until pasta is done.
Turn the heat to low, then stir in the cheddar, American and cream cheeses. Keep stirring until the sauce is smooth. Stir in the jalapenos and bacon.
Preheat the oven to 400 degrees.
In a medium bowl, mix together the panko breadcrumbs, parmesan cheese and butter. Sprinkle the mixture evenly over the macaroni.
Bake for 10 minutes or until topping is light brown. Sprinkle with cilantro and serve, garnished with additional bacon and jalapenos if desired.