Preheat your oven to 350°F (175°C).
In a frying pan, cook the bacon over medium heat until crispy. Remove and drain on paper towels. Once cool, chop into small pieces.
In a large mixing bowl, combine the ground beef, chopped bacon, shredded cheddar cheese, breadcrumbs, milk, ketchup, diced onion, minced garlic, Worcestershire sauce, salt, black pepper, mustard powder, and egg. Mix until well combined but do not overmix.
Transfer the meat mixture into a loaf pan, shaping it into a loaf shape. Smooth the top and brush a layer of additional ketchup over the top for glazing.
Bake in the preheated oven for 1 hour or until the internal temperature reaches 160°F (70°C).
Remove from the oven and let it rest for 10 minutes before slicing.
Serve slices warm, with your choice of sides.