In a large heavy-bottomed pot set over medium-low heat, add the olive oil and bacon. Cook, stirring often until the bacon is crispy and the fat has rendered out, for 6 to 7 minutes. Transfer about half of the bacon into a small bowl. It will be used as a topping for the soup.

Turn the heat up to medium. Add the ground beef into the pot with the cooked bacon and brown it in the bacon grease. Using a wooden spoon, break up the beef into small pieces as it cooks for 5 to 6 minutes. Stir it frequently so it doesn’t burn.

Add the potatoes, onions, celery, Italian seasoning, salt, and black pepper. Cook for 4 to 5 minutes, stirring often until the vegetables soften.

Stir in the flour and cook it for 1 minute. Slowly add the beef stock and milk, stirring constantly. The soup should start to thicken slightly. When the soup comes up to a simmer, turn the heat down to low, cover, and simmer for 6 to 8 minutes until potatoes are very tender.

Over very low heat, add the cream cheese and cheddar cheese. Stir gently until both cheeses melt into the soup. Don’t bring the soup to a boil once the cheeses are added.

Once the cheeses are melted, ladle the soup into bowls and garnish with the extra cheese, the reserved crumbled bacon, and scallions.