Preheat oven to 350 degrees F (175 degrees C). Grease a 9x13-inch glass baking dish.
Bring a large pot of lightly salted water to a boil. Cook elbow macaroni in the boiling water, stirring occasionally, until tender yet firm to the bite, about 8 minutes. Drain.
Heat 2 tablespoons butter and olive oil in a large saucepan over medium heat. Cook and stir shallot and garlic until slightly softened, about 3 minutes. Stir in flour; cook until flour turns a pale tan color, about 2 minutes. Stir in evaporated milk and 2% milk; cook over low heat until sauce thickens, about 5 minutes.
Stir Cheddar cheese, fontina cheese, Monterey Jack cheese, and Parmesan cheese into the sauce until melted and smooth.
Mix sour cream, eggs, mustard, Worcestershire sauce, and hot sauce together in a bowl. Stir in 1/2 cup sauce until well blended. Pour sour cream mixture into the saucepan. Stir in macaroni, liquid smoke, oregano, salt, and pepper.
Spread macaroni and sauce in the prepared baking dish.
Heat remaining 1/4 butter in a microwave-safe bowl until melted, about 30 seconds. Stir in bread crumbs; sprinkle over macaroni and sauce.
Bake in the preheated oven until top is golden brown and bubbly, 45 minutes to 1 hour. Let cool for 15 minutes before serving.
