Step 1:
Heat a Dutch oven or large pot over medium-high heat.
Add the chopped bacon and cook until browned and crispy, about 5-8 minutes.

Step 2:
Remove the bacon with a slotted spoon and set aside.
Leave some of the bacon grease in the pot for extra flavor.

Step 3:
Add the butter to the pot and let it melt.
Add the ground beef and cook, breaking it apart, until browned, about 7-8 minutes.

Step 4:
Stir in the cream cheese, tomato paste, mustard, garlic powder, paprika, salt, and black pepper.
Mix well until everything is fully combined and the cream cheese melts into the beef.

Step 5:
Pour in the beef stock and heavy cream, stirring constantly.
Let it simmer gently for 2-3 minutes to bring all the flavors together.

Step 6:
Add the shredded cheddar cheese and stir until melted.
Simmer for another 5-7 minutes until the soup is thick and creamy.

Step 7:
Stir most of the cooked bacon back into the soup, reserving some for garnish.

Step 8:
Let the soup cool and thicken slightly for 7-8 minutes before serving.

Step 9:
Ladle into bowls, garnish with the reserved bacon and fresh parsley, and enjoy