In a large stockpot over medium heat, add the chopped bacon. Cook for 5-7 minutes or until browned. Remove to a paper towel lined plate.
Add the onion, carrots, celery, squash, pepper, and garlic to the pot. Saute in the bacon grease for 5 minutes.
Add the flour to the pan and cook for 2 minutes. Sprinkle with salt and pepper.
Pour in the chicken broth, milk, and beer and mix well. Add in the potatoes and bring to a boil.
Reduce heat and simmer, covered, for 45 minutes.
Add in the cheddar cheese a little at a time, stirring after each addition until the cheese is melted.
Stir in the hot sauce and Worcestershire sauce. Taste the soup and add salt and pepper if needed.
Serve with crumbled bacon on top.