Preheat your oven to 375°F (190°C).
In a large mixing bowl, combine the ground beef, bread crumbs, chopped onion, eggs, and milk.
Add salt, pepper, garlic powder, and onion powder. Mix everything until well combined, but don't overwork it.
Transfer the mixture into a loaf pan or form into a loaf shape on a baking sheet lined with parchment paper.
Spread a generous layer of ketchup on top of the loaf.
Bake for 55 to 60 minutes, or until the internal temperature reaches 160°F (71°C).
Let the meatloaf rest for 10 minutes before slicing. Serve warm.