In a 6-qt. stockpot, cook beef, onion and pepper over medium heat 6-8 minutes or until beef is no longer pink and onion is tender, breaking beef into crumbles; drain. Add garlic to beef mixture; cook 1 minute longer. Stir in flour until blended., Gradually stir in milk. Add potatoes, water and bouillon; bring to a boil. Reduce heat; simmer, covered, 15-20 minutes or until potatoes are tender., Add cheese; stir until melted. Sprinkle servings with bacon.