The Cooking Pot is used primarily to make the Rockwell Recipes which are basically the equivalent of Magic Potions or Power-Ups in Ark. It can also be used to create custom recipes using the RP cooking system that has results based on your Crafting Speed Skill. Oh, and since people have been asking RP means Role Play.
To create one of the Rockwell Recipes the first thing you will need is to know the ingredients to a recipe. I have a complete list of these recipes here: Complete List Of Rockwell Recipes. You don't actually need to find the recipe card in game, you simply need to know what to put in the cooking pot.
Also note that many of the recipes are sensitive, so I would have to recommend that you use Thatch to fuel the cooking pot. Charcoal can unfortunately mix up your recipe when you are burning wood since this creates Charcoal which is used in a few of the recipes.
Keep in mind that Sparkpowder can also cause havoc if used in the cooking pot. This is for the same reason Charcoal can be a problem. Both Charcoal and Sparkpowder are used in some of the Dye Recipes. Thatch is your friend when used as a fuel in the cooking pot.
This new RP cooking system is very much still a work in progress. However, it does allow you to create custom recipes. The effects of the recipe are influenced by your Crafting Speed Skill.
And yes, the Focal Chili from the Rockwell Recipes (100% bonus to crafting speed) does have an effect on this! While details on exactly what works best are still very vague I can at least tell you how to make a custom recipe and what some basic ingredient ideas are.
To make a custom recipe you need a blank Note. Don't write anything on it when you create it, just hit ESC when asked to fill out the note. Put the blank note in the cooking pot. Then close the cooking pot and look at it. Hold down E to bring up the wheel. You'll have an option to create a new recipe.
Put your ingredients in, name it, fill out its description, and set the colors up. Well, ok, so you don't really have to do all of that. But a name would be a good idea, and you need to add ingredients.
The trick here is that you won't really know what the result will be until you've created the recipe and made it at least once. Once you have done that your recipe card will tell you what the exact effects are. And nope, you don't even have to eat it first. Just make one.
To get maximum potentcy out of your recipes try this:
(being max level really helps)
1. Make 2 Mindwipe Tonic
2. Use a Mindwipe Tonic
3. Put all points into Crafting Speed
4. Use Focal Chili
5. Create as many recipes as you like before the Focal Chili runs out
6. Use Mindwipe Tonic again to set your character up the way you like
7. Use and enjoy your super recipes when ever you please