Preheat your oven to 350°F (175°C). Line a baking sheet with parchment paper or foil, or grease a 9x5 inch loaf pan.

In a skillet, cook the beef bacon over medium heat until crispy. Remove from pan, drain on paper towels, and chop into small crumbles. Set aside.

In a large mixing bowl, combine the breadcrumbs, milk, beaten eggs, ranch seasoning mix, 1/4 cup ketchup, Worcestershire sauce, and garlic powder. Stir well and let sit for 5 minutes to allow the breadcrumbs to absorb the liquid.

Add the ground beef, the cubed cheddar cheese (reserve the shredded cheese for later), and half of the crumbled beef bacon to the bowl.

Gently mix the ingredients with your hands until just combined. Do not overwork the meat, or the loaf will become tough.

Form the mixture into a loaf shape on the prepared baking sheet or press gently into the loaf pan.

Bake in the preheated oven for 45 minutes.

Remove the meatloaf from the oven. Spread the remaining 1/2 cup ketchup over the top and sprinkle with the reserved shredded cheddar cheese and the remaining beef bacon.

Return to the oven and bake for an additional 10-15 minutes, or until the cheese is melted and the internal temperature of the meatloaf reaches 160°F (71°C).

Remove from the oven and let the meatloaf rest for 10 minutes before slicing. This helps the juices redistribute and keeps the slices intact.