Preheat the oven to 375°F (190°C).
Heat olive oil in a large skillet over medium heat.
Add the chopped onion and cook for 3-4 minutes until softened.
Add the minced garlic and cook for 1 minute until fragrant.
Add the ground beef to the skillet and cook, breaking it apart with a spoon, until browned and cooked through, about 6-8 minutes.
Drain excess fat from the skillet if necessary.
Stir in chili powder, ground cumin, smoked paprika, salt, and black pepper.
Add the tomato sauce and stir to combine. Cook for 2-3 minutes until heated through and slightly thickened. Remove from heat.
Spread the tortilla chips evenly on a large oven-safe baking sheet or dish.
Evenly distribute the seasoned ground beef mixture over the chips.
Sprinkle shredded cheddar and Monterey Jack cheeses evenly over the beef and chips.
Top with sliced jalapeños and black olives.
Bake in the preheated oven for 8-10 minutes until the cheese is melted and bubbly.
Remove from the oven and sprinkle diced tomatoes and chopped cilantro on top.
Serve immediately with sour cream and guacamole on the side or dolloped on top.