PREHEAT OVEN TO 375F.
DUMP GROUND BEEF INTO A LARGE SAUTE PAN OVER MEDIUM-HIGH HEAT ALONG WITH A DAB OF MARGARINE OR BUTTER.
CRUMBLE THE GROUND BEEF WELL AS IT COOKS.
ONCE THE GROUND BEEF IS FULLY COOKED, DRAIN THE GREASE FROM THE PAN.
REDUCE THE HEAT TO MEDIUM-LOW AND ADD THE DICED ONIONS TO THE PAN.
STIR WELL AND CONTINUE COOKING FOR 2 MINUTES.
ADD THE CHEDDAR CHEESE SOUP, KETCHUP, AND MUSTARD TO THE PAN.
STIR UNTIL ALL OF THE INGREDIENTS ARE FULLY COMBINED.
ADD THE SALT, PEPPER, GARLIC POWDER AND ONION POWDER TO THE PAN AND STIR WELL.
ADD 1/2 CUP OF THE BACON BITS TO THE PAN AND STIR WELL AGAIN.
DUMP THE GROUND BEEF MIXTURE INTO A GREASED 9 X 13 INCH BAKING DISH AND SPREAD IT OUT EVENLY.
SPRINKLE THE SHREDDED CHEESE ON TOP OF THE GROUND BEEF.