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 additional oil if needed, then sauté onions and bell peppers 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 bottom.
Bring to a simmer and let the liquid reduce slightly.
Return steak to 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 like green onions, pickled banana peppers, or your preferred sauces.