Heat a 12-inch skillet over medium-high heat. Add beef seasoned with 1/2 teaspoon salt and 1/4 teaspoon pepper. Crumble and cook until browned, about 5 minutes. Set beef aside.
Wipe out the skillet. Heat oil over medium heat. Add bell pepper, carrots, onion, and garlic. Cook until almost tender, about 5 minutes.
Return the beef to the skillet. Add the basil, oregano, tomatoes with their juice, Worcestershire sauce, chili powder, and 2 cups of water. Season with salt and black pepper to taste. Increase the heat to high and let come to a simmer.
Add elbow macaroni, stir, and cover the skillet. Reduce the heat to medium and let simmer, stirring occasionally, until the macaroni is tender and most of the liquid has been absorbed, for 8 to 10 minutes. Taste for seasoning, adding more salt and black pepper as necessary.
Sprinkle the cheese on top. Cover the skillet and cook until the cheese is melted, about 1 minute. Serve from the skillet.
