Heat a large dutch oven or stock pot over medium-high. Add bacon and cook until crisp. Drain and set aside.
Add ground beef to the same pan. Crumble and cook until browned. Drain grease if needed.
Add onions, potatoes, carrots, ground mustard, paprika, garlic powder, onion powder, salt and pepper to the ground beef. Stir to combine. Add beef broth, stir, and cover. Reduce heat and simmer for 30 minutes or until potatoes and carrots are tender.
In a small saucepan or skillet, melt butter. Add flour and whisk to form a roux or paste. Add to soup and quickly stir until combined well (Use a wide whisk if possible).
Increase heat to medium, add milk, and stir for a few minutes. Add 3 cups of cheese and stir until melted. Add bacon and stir.
Serve immediately. Top individual servings with remaining cheese.
Notes
Cook 1 lb of bacon (instead of half) and use the extra for topping individual servings if desired.