Brown bacon in a Dutch oven or heavy stockpot over medium heat. Halfway through the browning process add the ground beef. Cook until browned breaking it up as it browns. Drain any excess grease. Move the browned meat to a plate.
Turn heat to medium low; add butter. Add onions, celery, carrots and potatoes; cook until the onions and celery start to soften. Add dried thyme, onion powder, basil, oregano, parsley and garlic. Continue cooking 1 minute; stirring constantly.
Sprinkle in flour and stir to coat; cook for 2 minutes stirring constantly. Add chicken broth and milk; alternating between the two. Simmer until potatoes are tender.
Add cooked beef and bacon back to the pot warming for 3-5 minutes. Remove from the heat and slowly stir in shredded cheddar; stirring until melted. Salt and pepper to taste.