Heat a large, heavy-bottomed stainless steel pot over medium heat. Cook bacon until dark brown and crispy, about 8 minutes. Add onions and bell peppers and cook until just starting to soften, about 5 minutes.
Crack eggs into the pot; stir to break the yolks and mix eggs evenly. Heat until mostly set but still creamy, about 5 minutes. Add potatoes; toss until evenly distributed. Cook, stirring frequently and scraping the bottom, until potatoes are tender yet firm to the bite, 5 to 7 minutes. Season with salt, pepper, and garlic powder. Remove from heat and add Cheddar cheese; mix until melted.
