In a large pot over medium heat, add the ground beef and cook for 6-8 minutes, breaking it into smaller pieces until browned. Drain excess grease and set aside.

In the same pot, melt half the butter over medium heat. Add the diced carrots, celery, onions, basil, and parsley. Sauté for about 10 minutes until tender.

Stir in the diced potatoes and pour in the chicken broth. Bring to a boil, then reduce heat, cover, and simmer for 10-12 minutes until potatoes are fork-tender.

In a small saucepan, melt the remaining butter over low heat. Whisk in the flour and cook for 3-5 minutes until bubbly and golden. Add to the simmering pot and boil for 2 minutes.

Reduce heat and stir in Velveeta cheese and milk until cheese melts. Season with salt and pepper and mix in sour cream.

Ladle soup into bowls and top with onion rings, green onions, or bacon as desired.