In a large Dutch oven or pot, heat over medium-high. Add the chopped bacon and cook until it's wonderfully crispy and golden brown, about 5-8 minutes.
Carefully remove the crispy bacon with a slotted spoon and set it aside, leaving the drippings in the pot. Melt the unsalted butter in the same pot, then add the lean ground beef. Break up the beef and cook until it's fully browned, which takes about 7-8 minutes.
Stir in the cream cheese, tomato paste, Dijon mustard, garlic powder, paprika, salt, and black pepper. Mix thoroughly until all these flavorful ingredients are well combined.
Pour in the beef stock and heavy cream. Bring the mixture to a gentle simmer and let it cook for 2-3 minutes, allowing the flavors to meld.
Gradually stir in the shredded cheddar cheese until it's completely melted and smooth. Continue to simmer for another 5-7 minutes, letting the soup thicken slightly.
Stir most of the cooked crispy bacon into the soup, reserving a little for garnish. Remove from heat and let the soup rest for 7-8 minutes; it will thicken further as it cools.
Ladle the warm soup into bowls and garnish generously with the remaining crispy bacon and fresh chopped parsley before serving.
Notes
Nutrition Information (per serving): Calories: 627 kcal Total Carbs: 7.2 g Net Carbs: 6.5 g Fats: 48 g Protein: 41 g