Heat up a Dutch oven or a pot over medium-high heat. Add in the bacon and cook until it’s browned and crispy. It should take around 5-8 minutes.

Remove the bacon and set aside. Add butter into the Dutch oven, let it melt, and add the ground beef. Break it apart and cook until it’s brown. That will take around 7-8 minutes.

Now, add cream cheese, tomato paste, mustard, garlic powder, paprika, salt, and black pepper. Give it a good stir until all the ingredients are combined.

Stir in the beef stock with heavy cream. Let it simmer for 2-3 minutes.

Now, stir in the cheddar cheese and simmer for another 5-7 minutes.

Once the soup is done, add in the majority of the cooked bacon, leaving some for the garnish. Let the soup cool down and thicken up for 7-8 minutes.

Garnish with the remaining chopped bacon and parsley before serving.