Cook elbow macaroni according to package instructions; drain and set aside.
In a large skillet, brown the ground beef over medium heat until fully cooked; drain excess fat.
Add the cooked macaroni to the skillet with the beef.
Pour in the milk and beef broth; stir to combine.
Add ketchup, mustard, onion powder, garlic powder, salt, and pepper; mix well.
Gradually stir in shredded cheddar cheese until melted and creamy.
Let the mixture simmer for 5 minutes, stirring occasionally.
Adjust seasoning to taste.
Serve hot garnished with additional cheese if desired.