Cook the penne pasta according to package instructions; drain and set aside.
Heat olive oil in a large skillet over medium heat.
Sauté onions and bell peppers until softened, about 5 minutes.
Add sliced steak and cook until browned.
Season with salt, pepper, and garlic powder.
Pour in beef broth and bring to a simmer.
Stir in cream cheese and cheddar cheese until melted and creamy.
Add the cooked pasta to the skillet and mix until well combined.
Cook for another 2-3 minutes, stirring frequently.
Serve hot, garnished with fresh parsley.