In a large skillet over medium-high heat, add the ground beef, onions, and bell pepper. Cook, breaking up the meat as it cooks, until the beef is browned and the vegetables are softened (about 8 minutes). Drain excess grease.
To the skillet, add ketchup, Worcestershire sauce, salt, pepper, garlic powder, onion powder, paprika, and cayenne pepper. Mix well; cook for 1-2 minutes.
In a small bowl, combine the beef broth and cornstarch. Whisk until smooth. Pour the mixture into the skillet, stirring to combine. Simmer until the sauce is thickened and most of the moisture has evaporated.
Add shredded cheese. Cook until the cheese has melted, stirring frequently.
Serve warm on toasted hamburger buns.