In a large pot, heat over medium until hot, then add the bacon strips, frying them for about 5–7 minutes until crispy. Remove the bacon with a slotted spoon and set aside.

In the same pot with the bacon drippings, sauté diced onion and sliced bell peppers over medium heat for about 4–5 minutes until onions are translucent and peppers are soft.

Add thinly sliced beef into the pot and cook for about 5–7 minutes, browning the beef completely while stirring occasionally.

Pour in the vegetable broth and increase the heat to bring to a gentle simmer, scraping the bottom of the pot to release browned bits.

Stir in the cream cheese, blending it smoothly into the soup for about 3–4 minutes until melted.

Mix cornstarch with cold water until dissolved, then stir into the soup and cook for another 2–3 minutes until thickened.

Ladle the soup into bowls, topping each with crumbled bacon and shredded cheddar cheese, serving alongside slices of toasted bread.