Bring a large pot of salted water to a boil. Once boiling, add the elbow macaroni and cook until al dente for about 7-8 minutes. Drain and set aside.

In a large skillet, heat 2 tablespoons of olive oil over medium-high heat. Add the diced steak, seasoning with salt and pepper. Cook for 5-7 minutes until browned. Remove from the skillet.

In the same skillet, add more olive oil if needed and add diced bell peppers and onions. Sauté over medium heat for about 4-5 minutes until softened.

Lower the heat to medium-low, add 1 cup of whole milk, 1 teaspoon of garlic powder, 1 teaspoon of onion powder, and 2 cups of shredded pepper jack cheese. Stir until cheese is melted and sauce is smooth, about 3-4 minutes.

Add the cooked steak back into the skillet, then fold in the drained elbow macaroni, ensuring it is well-coated in the cheese sauce. Cook for 2 minutes to blend flavors.

Transfer to serving bowls and garnish with chopped green onions. Serve immediately while hot.