Cook pasta according to package instructions; drain and set aside.
In a large skillet, cook bacon over medium heat until crisp. Remove bacon and drain on paper towels, reserving about 1 tablespoon of bacon drippings in the skillet.
Add ground beef to the skillet and cook until browned. Drain excess fat.
Stir in the milk, cream cheese, 3/4 cup of cheddar cheese, Worcestershire sauce, onion powder, garlic powder, and black pepper.
Cook over low heat, stirring constantly, until the cheese melts and the mixture is smooth.
Add cooked pasta to the skillet and toss to combine with the sauce. Sprinkle with remaining cheddar cheese and cooked bacon.
Serve immediately, garnished with additional toppings if desired.