Cook pasta according to package directions. Drain, reserving some pasta water.
Heat olive oil in a large skillet or pot over medium-high heat. Add onion and bell pepper and cook until softened and slightly caramelized, about 5-7 minutes.
Add thinly sliced steak to the skillet. Cook, stirring occasionally, until browned on all sides.
Reduce heat to low. Add softened cream cheese, beef broth, milk, garlic powder, onion powder, salt, and pepper. Stir until cream cheese is melted and sauce is smooth.
Add cooked pasta to the skillet and stir to coat evenly with the sauce.
Stir in 1 cup of shredded provolone cheese until melted and the sauce is cheesy and creamy.
Sprinkle remaining 1 cup of provolone cheese over the top. Cover and let melt, or broil briefly until bubbly. Watch carefully to prevent burning.
Serve hot, with optional toppings if desired.