Heat a large soup pan or dutch oven over medium high heat.
Once heated, add the bacon chunks and cook until browned and crispy, about 6-8 minutes. Stir occasionally to ensure an even crisp.
Remove the bacon to a large paper towel lined plate to drain. Remove all the bacon grease from the pan, leaving only 1/2 tablespoon or so. (*Note 3)
Add the ground beef and break up into little bits. Heat until cooked through out, about 4-5 minutes.
Stir in the cream cheese, tomato paste, mustard, onion powder, garlic powder, paprika, oregano and pepper until smooth.
Pour in the beef broth, heavy cream and Worcestershire and reduce the heat to medium once it starts to simmer.
Stir in the cheese and simmer for an additional 5-7 minutes until the cheese is melted and smooth.
Add the bacon and stir to combine.
Enjoy immediately for a thinner soup or let sit 7-10 minutes to thicken before serving.