Crisp the bacon: Place the chopped bacon in a large, cold skillet. Turn heat to medium and cook until crisp, 6–8 minutes.
Transfer bacon to a paper towel–lined plate. Leave 1–2 tablespoons bacon fat in the pan. If there’s more, pour off the excess.
Brown the turkey: Add the ground turkey to the hot skillet.
Season with a pinch of salt and pepper. Cook, breaking it up, until no longer pink and lightly browned in spots, about 5–7 minutes. If the pan looks dry, add a splash of olive oil.
Add aromatics: Stir in the onion and bell pepper.
Cook until softened, 3–4 minutes. Add the garlic and cook 30 seconds, just until fragrant.
Season well: Sprinkle in smoked paprika, oregano, and chili powder (if using). Stir to coat the turkey and veggies so the spices bloom in the hot fat.
Cook the potatoes: Add the potatoes and stir to combine.
Pour in the chicken broth, scraping up any browned bits from the bottom of the pan. Cover and cook over medium-low heat until the potatoes are tender, 10–12 minutes, stirring once or twice. If the pan gets dry, add a tablespoon more broth or water.
Finish with bacon and cheddar: Stir the crisp bacon back into the skillet.
Taste and adjust salt and pepper. Sprinkle cheddar evenly over the top, cover, and let it melt for 2–3 minutes.
Garnish and serve: Remove from heat. Top with sliced green onions.
Serve straight from the skillet with a simple side salad or steamed green beans.