Cook diced bacon in a Dutch oven until crispy. Remove bacon with a slotted spoon and set aside.
Leave about 3 tablespoons bacon grease in the Dutch oven.
Add onion and carrots to bacon grease and cook over medium heat until soft.
Sprinkle flour over onions and carrots. Stir and cook for 1 minute.
Gradually stir in milk and water. Add Better Than Bouillon, black pepper, white pepper, garlic powder and potatoes and bring to a simmer.
Simmer for 15-20 minutes or until potatoes are soft.
Turn heat to low and stir in ham and cheese until cheese is melted. Sprinkle bacon on top. Serve.
Notes
Leftovers will keep for 4 days in an airtight container in the refrigerator. Reheat in the microwave or in a pot over medium-low heat. If too thick, thin with a little milk.Nutritional info is provided as an estimate only and can vary greatly based on brands of products used.