Add the chopped onion and olive oil to a large saucepan. Cook over low-medium heat for 1-2 minutes, or until the onions become semi-translucent and fragrant.

Add the ground beef and continue to cook over medium-high heat for 6-8 minutes, or until the beef is fully browned. Drain the beef over paper towels and return it to the saucepan.

Stir in the tomato paste, Worcestershire sauce, salt, garlic powder, onion powder, and pepper. Cook for about 1 minute, stirring and mixing frequently.

Add the elbow macaroni, beef broth, and heavy whipping cream to the saucepan. Bring the heat to high. Stir frequently as the mixture comes to a light boil. Adjust heat if necessary. Once boiling, cover the pot and cook for an additional 12-14 minutes, stirring occasionally.

During the last minute of cooking, add the shredded cheddar cheese and stir until fully melted and combined into the dish.

Remove from heat and serve immediately. Add additional salt and pepper to taste as needed.