Preheat your grill or oven to 400°F.
In a large bowl, combine the ground beef, diced potatoes, sliced carrots, and chopped onion. Add the olive oil, garlic powder, onion powder, paprika, salt, and pepper. Mix thoroughly until everything is evenly coated.
Cut four sheets of heavy-duty aluminum foil, approximately 12 inches long each.
Divide the mixture evenly among the four foil sheets, placing each portion in the center.
Fold the sides of the foil up and over the filling, then roll and crimp the ends tightly to create a fully sealed packet. Make sure there are no openings for steam to escape.
Place the packets on the grill grates or in the oven (on a baking sheet or directly on the rack). Cook for 30 to 35 minutes, until the potatoes are fork-tender and the beef is cooked through.
Carefully open one packet using tongs - watch out for hot steam - to test for doneness. If needed, reseal and cook for an additional 5 minutes.
Once done, open all packets and immediately top with shredded cheddar cheese. Let it melt from the residual heat, about 1–2 minutes.
Finish with crumbled bacon on top. Serve directly from the foil or on plates.