Preheat a skillet over medium heat and cook bacon until done, transfer to a paper towel, allow to cool, then crumble. Drain all but 2 tablespoons of bacon fat from the skillet.
Add ground beef, onion, and bell pepper to the skillet. Cook until ground beef is cooked through.
Add the bacon back to the pot and all remaining ingredients except the cheese. Stir together.
Transfer to a greased casserole dish and bake for 2 hours.
During the last 30 minutes, stir in the cubed cheddar cheese.
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VARIATIONS: Adjust any seasoning to taste. Use cubed ham instead of bacon (if it's smoked, there is no need to cook it ahead of time). Add 1 cup diced green peppers when you cook the onions for added vegetables.
TOP TIPS: If you have an oven-proof dutch oven or large enough skillet, you can save the casserole dish and bake it in your pot.
SERVING SUGGESTIONS: Serve while hot, garnish with sliced green onion or fresh parsley, and extra shredded cheese if desired.