In a separate skillet, heat olive oil over meidum-high heat. Add ground beef and onion and cook, breaking up the beef, until onion is translucent and beef is cooked through. Add garlic and cook until fragrant, about 30 seconds. Stir in ketchup, mustard, salt, pepper, water, and heavy cream. Bring to a simmer and let cook until thickened. Remove from heat and stir in 1 cup cheese and half of the bacon. Sprinkle the rest of the cheese on top.