Cook the Bacon: In a large pot, heat over medium heat and add thick-cut bacon, cooking for about 6-8 minutes until crispy and golden brown. Remove bacon and drain on paper towel, leaving fat in pot.

Sauté the Vegetables: In the same pot, add diced bell peppers and onions, sauté for about 4-5 minutes until soft and fragrant.

Brown the Beef: Add ground or sliced beef, breaking it apart as it cooks for about 5-7 minutes until browned. Season with salt and pepper.

Add the Broth: Pour in low-sodium vegetable broth, stirring well. Increase heat to a simmer, reduce to medium-low, and cook for 10-15 minutes.

Thicken the Soup: Mix cornstarch with water to create a slurry, stir into the broth, and cook for an additional 2-3 minutes until thickened.

Stir in the Cheese: Add shredded cheese, stirring until melted and blended into the soup.

Serve with Cheesy Toast: Ladle soup into bowls and serve with crispy, toasted bread topped with extra cheese.