Preheat oven to 350°F. Spray a 9x13-inch baking dish generously with nonstick spray.
In a large bowl, whisk the eggs for 1 to 2 minutes, until light and slightly frothy. This helps make the bake fluffy.
Whisk in the milk, salt, pepper, garlic powder, onion powder, paprika, and baking powder until smooth.
In a large skillet over medium heat, cook the chopped bacon, stirring occasionally, until it’s browned and slightly crisp, about 7 to 8 minutes. Use a slotted spoon to transfer the bacon to a paper towel-lined plate, reserving 1 to 2 tablespoons of bacon grease in the skillet.
Add the red bell pepper, green bell pepper, and onion to the skillet. Cook for 7 to 8 minutes, stirring often, until softened and just starting to caramelize.
Stir the cooked bacon and vegetables into the egg mixture.
Fold in 1 cup of the shredded cheese, saving the rest for the top.
Pour the mixture into the prepared baking dish and spread evenly. Sprinkle the remaining ½ cup cheese over the top.
Bake for 35 to 45 minutes, or until the center is set, the edges are lightly golden, and the top is puffed. Start checking at 35 minutes. If the top browns too quickly, loosely cover with foil.
Let the breakfast bake rest for 5 to 10 minutes before slicing. This helps it set up for clean slices. Serve warm.