Heat the olive oil in a large, heavy pot over medium-high; add the onion, bell pepper and ground beef, sautéing until the meat is fully browned, then pour off any rendered fat and return the pot to the stove.

Blend in the garlic and let it cook for about half a minute until fragrant.

Fold in the tomato sauce, diced tomatoes, beef broth, Worcestershire sauce, seasoned salt, Italian seasoning, bay leaves and macaroni, bring the mixture to a brisk boil, reduce to a gentle simmer and cook—stirring occasionally—until the pasta turns tender, roughly 20 minutes.

Discard the bay leaves, stir in the cheddar until just melted and present the goulash piping hot.