Heat a large soup pot over medium-high heat. Add the ground beef and cook, breaking it into small pieces with a wooden spoon, until browned. Drain any excess grease if needed.
Add the chopped bell peppers, onion, and garlic to the pot. Cook over medium heat for 5-7 minutes, stirring occasionally, until the vegetables are tender.
Stir in the beef broth, diced tomatoes, and tomato sauce. Add the garlic powder, onion powder, Italian seasoning, bay leaf, salt, and black pepper. Stir well and bring to a simmer over medium heat. Cook for 10-15 minutes.
While the soup is simmering, prepare the rice. Use an Instant Pot, rice cooker, or stovetop to cook 1-2 cups of rice. Once cooked, fluff the rice with a fork.
While the soup is simmering, prepare the rice. Use an Instant Pot, rice cooker, or stovetop to cook 1-2 cups of rice. Once cooked, fluff the rice with a fork.
Garnish with shredded cheese, sour cream, or fresh parsley if desired.