Preheat the oven to 350 degrees Fahrenheit. Spray a 13 x 9 x 2-inch baking dish with non-stick cooking spray and set aside.
In a large bowl, combine 2 pounds lean ground beef, ½ cup diced onion, 3 tablespoons fresh parsley (chopped), ¾ cup Italian bread crumbs, ½ cup milk, 2 tablespoons Worcestershire sauce, 2 large eggs, 1 teaspoon garlic powder, ½ teaspoon salt, and ¼ teaspoon black pepper. Use clean hands to mix until ingredients are evenly combined.
In a small bowl, whisk together ¾ cup ketchup, 3 tablespoons balsamic vinegar, and 3 tablespoons brown sugar until smooth.
Add the glaze mixture to the meat mixture and mix by hand until the glaze is evenly distributed throughout.
Press the meat mixture evenly into the prepared baking dish so it forms a uniform layer.
Spread 4 cups store-bought or homemade mashed potatoes evenly over the top of the meat mixture. Sprinkle 1 cup shredded cheddar cheese evenly over the mashed potatoes.
Cover the baking dish with aluminum foil and bake in the preheated oven for 50–60 minutes. Remove the foil and bake an additional 10 minutes, or until the cheese is melted and the meat is cooked through (internal temperature reaches 160°F if using a meat thermometer).
Remove from the oven and let rest for about 10 minutes before serving.