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 up with a spoon, until browned and cooked through, about 6-8 minutes.
Drain any excess fat from the skillet.
Stir in chili powder, ground cumin, smoked paprika, salt, black pepper, and crushed red pepper flakes.
Add the drained diced tomatoes and cook for 2-3 minutes until heated through and combined. Remove from heat.
Spread half of the tortilla chips evenly on a large oven-safe baking sheet or dish.
Sprinkle half of the shredded cheddar and Monterey Jack cheeses over the chips.
Spoon half of the seasoned ground beef mixture evenly over the cheese layer.
Add the remaining tortilla chips on top, followed by the remaining cheeses and ground beef mixture.
Sprinkle sliced black olives, diced tomatoes, sliced jalapeño peppers, and chopped green onions evenly over the top.
Bake in the preheated oven for 8-10 minutes until the cheese is fully melted and bubbly.
Remove from oven and sprinkle chopped fresh cilantro over the nachos.
Serve immediately with sour cream and guacamole on the side.