Heat olive oil in a large pot over medium-high heat.
Add ground beef and cook until browned, breaking it apart as it cooks.
Season with salt, pepper, garlic powder, onion powder, and smoked paprika.
Stir in tomato paste and Worcestershire sauce. Cook for another minute.
Add beef broth and milk. Stir to combine.
Add uncooked elbow macaroni and stir. Bring to a boil.
Reduce heat to low, cover, and simmer for 10-12 minutes, stirring occasionally, until pasta is cooked.
Turn off the heat. Stir in cheddar and mozzarella cheese until melted and creamy.
Garnish with chopped parsley if desired and serve hot.