Bring a large pot of lightly salted water to a boil. Cook elbow macaroni in boiling water until cooked through but firm to the bite, 8 minutes; drain and return pasta to the pot.
Heat a large skillet over medium-high heat. Cook and stir beef in the hot skillet until browned and crumbly, 5 to 7 minutes.
Season browned beef with onion powder, garlic powder, salt, and pepper; add ketchup and stir. Bring mixture to a simmer, reduce heat to medium-low, and cook until the liquid thickens slightly, 5 to 10 minutes; pour over the pasta in the pot and stir.
Stir Cheddar cheese into the pasta mixture until melted; add bacon bits and stir.