Brown the ground beef in a skillet over medium-high heat, breaking it into crumbles, then drain excess fat.
Add browned beef, beef broth, diced potatoes, diced onion, ketchup, mustard, garlic powder, salt, and pepper to the slow cooker and stir to combine.
Cover and cook on low for 6 hours or on high for 3-4 hours, until potatoes are tender.
About 30 minutes before serving, stir in the evaporated milk and shredded cheddar cheese, stirring until cheese is melted and soup is creamy.
Serve hot with your favorite burger toppings like pickles, bacon bits, extra cheese, and crackers.