Heat olive oil in a large skillet over medium-high heat.
Season steak strips with salt, pepper, and garlic powder.
Add steak to the skillet and sear until browned, about 3 to 4 minutes.
Remove steak from skillet and set aside.
Add more oil to the skillet if needed, then sauté onion and bell pepper until softened, about 4 to 5 minutes.
Stir in minced garlic and cook for 30 to 60 seconds until fragrant.
Add cooked rice and beef broth, stirring to combine and scraping up browned bits from the skillet.
Bring mixture to a simmer and cook until liquid reduces slightly.
Return steak to the skillet and mix evenly with rice and vegetables.
Sprinkle shredded cheese over the top, cover, and let sit a few minutes until cheese melts.
Serve hot with optional toppings such as sliced green onions, pickled banana peppers, hot sauce, or ketchup.