Bring a large pot of salted water to a boil. Cook bowtie pasta until al dente according to package directions. Reserve 1/2 cup pasta water, drain, and set aside.

Heat olive oil in a large skillet over medium-high heat. Add ground beef and cook until browned, breaking it apart as it cooks. Season with garlic powder, onion powder, smoked paprika, salt, and pepper. Drain excess grease if needed, then remove beef and set aside.

In the same skillet, melt butter over medium heat. Add garlic and sauté for 30 seconds until fragrant. Pour in beef broth and heavy cream, stirring to combine.

Add Velveeta cubes and stir continuously until melted and silky smooth. Stir in cheddar and Parmesan until the sauce thickens and becomes ultra-creamy. Add red pepper flakes if using.

Add cooked bowtie pasta to the sauce and toss until evenly coated. Fold in the seasoned beef. Use reserved pasta water as needed to loosen the sauce.

Serve hot with extra cheese sprinkled on top and fresh parsley for color.