Preheat the oven to 375°F (190°C).
Cook bacon in a frying pan until crispy, then crumble it into pieces.
In a mixing bowl, whisk together eggs, milk, garlic powder, onion powder, thyme, salt, and pepper.
Stir in cooked bacon, diced onions, bell peppers, and 1 1/2 cups of shredded cheese.
Add cubed bread and mix well.
Pour mixture into a greased 9x13-inch baking dish.
Top with remaining cheese.
Bake for 35-40 minutes until set and golden on top.
Let cool for 5 minutes before serving.