Cook macaroni in boiling water following package directions. Drain in a colander and rinse under hot water.
In a large skillet over medium heat, brown the ground beef in olive oil for about 3 minutes. Add onion and continue cooking until beef is no longer pink and onion is softened. Stir in the crumbled bacon, cheese soup, evaporated milk or half and half, cheese, and ketchup.
Stir in with the drained macaroni. Serves four.