Prepare the spaghetti pasta as per the package instructions. Once cooked, reserve 1 cup of the pasta water and drain the remaining water.
Fry the sliced hot dogs in 2 tablespoons of cooking oil over medium-high heat in a large skillet for 3 to 5 minutes until they're golden brown. Take the hot dogs out of the skillet and put them aside.
Using the same skillet, cook the onion, garlic, and bell pepper (if desired) in 2 tablespoons of cooking oil over medium heat until they become translucent.
Cook the ground beef with onion, garlic, and bell pepper until the meat is lightly browned and tender. Break the meat into small pieces with a spatula as it cooks. Season with salt and black pepper to taste.
Add the tomato sauce, banana ketchup, sugar, tomato paste, and reserved pasta water to the skillet with the meat mixture. Stir well until everything is thoroughly combined.
Keep the skillet covered and allow the mixture to simmer over low to medium heat for around 30 minutes until the sauce thickened.
Mix the hot dog slices into the sauce until coated evenly. Taste and adjust the seasoning with salt and pepper as desired. Remove from heat.
Plate the cooked spaghetti and top it with a ladle of sauce. Sprinkle shredded cheese on top and serve immediately.