In a large skillet or Dutch oven over medium heat, cook the chopped bacon until crispy. Remove the bacon with a slotted spoon and set it on a paper towel-lined plate, leaving about one tablespoon of bacon grease in the skillet.

Add the diced onion to the skillet and cook until softened, about 3-4 minutes. Add the minced garlic and cook for another minute until fragrant. Add the ground beef, breaking it apart with a spoon, and cook until browned. Drain off any excess grease.

Stir in the tomato paste, salt, pepper, and garlic powder. Cook for 1 minute until the tomato paste darkens slightly.

Pour in the beef broth and diced tomatoes. Bring the mixture to a simmer. Stir in the dry pasta, ensuring it's mostly submerged in the liquid. Cover the skillet, reduce the heat to medium-low, and let it simmer for 12-15 minutes, or until the pasta is al dente, stirring occasionally.

Once the pasta is cooked, remove the skillet from the heat. Stir in the heavy cream and half of the shredded cheddar cheese until the cheese is melted and the sauce is smooth.

Stir in half of the crispy bacon. Serve immediately, garnished with the remaining bacon, cheese, and fresh parsley if desired.