Heat olive oil in a large pot over medium heat; cook and stir beef and onion in hot oil until meat is browned, about 10 minutes. Add water, tomato sauce, paprika, vinegar, Worcestershire sauce, garlic, beef bouillon, mustard, lemon juice, and bay leaf. Reduce heat, cover, and simmer over low heat until beef is very tender, 2 to 3 hours.
Stir potatoes into soup and continue to simmer until potatoes are tender, about 30 minutes more. For a thicker soup, leave the pot uncovered; for a thinner soup, replace lid.
Bring a large pot of lightly salted water to a boil. Cook egg noodles in the boiling water, stirring occasionally until cooked through but firm to the bite, about 5 minutes. Drain.