Heat the olive oil in a large pot over medium high heat. Add the ground beef and cook until browned, breaking up into smaller pieces with a spatula. Drain grease if needed.
Add the onion and bell peppers to the pot and cook until softened (2-3 minutes). Add the garlic and cook for 30 seconds.
Pour in diced tomatoes, tomato sauce, beef broth and add Italian seasoning. Bring just to a light boil, then reduce heat to low, cover and simmer, stirring occasionally, 30 minutes.
Stir in the cooked rice and season with salt and pepper to taste as desired.
Serve warm topped with optional cheese