Place the ribeye in the freezer for 20 minutes prior to slicing to ensure thin, uniform strips.
Heat one tablespoon of olive oil in a large cast-iron skillet over medium-high heat.
Add the sliced onions and bell peppers to the skillet. Sauté for 6 to 8 minutes until the vegetables are softened and the onions begin to caramelize. Remove vegetables from the skillet and set aside.
Increase heat to high and add the remaining tablespoon of olive oil.
Season the steak strips with salt, pepper, and garlic powder.
Add the steak to the skillet in a single layer. Sear without moving for 2 minutes to develop a crust, then toss and cook for an additional 1 to 2 minutes until fully browned.
Return the sautéed peppers and onions to the skillet and toss with the steak to combine.
Divide the mixture into four individual serving bowls.
Place two slices of provolone cheese over each portion. If using oven-safe bowls, broil for 1 minute until the cheese is bubbly and slightly browned; otherwise, cover the bowls for 2 minutes to allow residual heat to melt the cheese.