Heat olive oil and add ground beef, seasoning with salt and pepper. After browning for a few minutes, stir in the onion until translucent. Add garlic and diced bell peppers and let them soften so the flavors meld.
Stir in diced tomatoes with green chilies, tomato sauce, Worcestershire sauce, hot sauce, and brown sugar. Mix well, then pour in the beef and chicken broth. This combo gives depth — sweet, tangy, savory all together.
Bring the soup to a gentle boil, then reduce heat and let it simmer for about 30 minutes, stirring occasionally. While it simmers, cook the rice in chicken broth separately so it stays fluffy.
Once the soup’s flavors have mingled, remove from heat and stir in shredded cheese (if using). Spoon rice into bowls, ladle the hot soup on top, garnish, and serve immediately. Keep soup and rice separate for leftovers.