Final Result

How to make your terminal look like this

Install Powerline for bash. Detailed article here. You might run into an issue regarding incorrect paths. A solution is given here
Install colorls. Detailed instructions can be found on their GitHub page.
Install any Nerd font which supports the Glyphs and Ligatures used by colorls. I used the Hack font. If you want to check out other fonts, see this
Copy my settings to your settings.json. To open your settings file, press Ctrl+, after opening WindowsTerminal. Note: If you used a different font than mine, remember to change the fontFace property in your settings.json
That's it! Just restart your terminal or do source ~/.bashrc and you should be good to go!

Install neofetch to get your system information in a cool looking way. To install, type sudo apt install neofetch in your terminal. I also like having an alias for neofetch as nf. For that, just add the line alias nf="neofetch" to your .bash_aliases under /home/yourUsername
neofetch also allows you to have custom ascii art. While you can make your own ASCII art from scratch, you can also download them from ASCII Art Archive. From here, find the ASCII art you like the most. Save that in a file, and let neofetch know to use it by typing neofetch --source pathToFile. To make this the default behavior for neofetch, just edit the value of the alias nf.

Install Windows Terminal from the Microsoft Store.

You can also view the project on GitHub here