Preheat the oven to 375°F (190°C).
In a medium skillet, heat the vegetable oil over medium heat.
Add the finely diced onion and cook for 2-3 minutes until softened.
Add the ground beef to the skillet and cook, breaking it up with a spoon, until browned and cooked through, about 5-7 minutes.
Stir in the taco seasoning, garlic powder, onion powder, smoked paprika, salt, and black pepper. Cook for another 1-2 minutes to combine flavors. Remove from heat and let cool slightly.
Place the wonton wrappers on a baking sheet lined with parchment paper.
Spoon about 1 tablespoon of the cooked ground beef mixture onto the center of each wonton wrapper.
Top each with about 1 teaspoon of shredded cheddar cheese.
Bake in the preheated oven for 8-10 minutes or until the wonton wrappers are golden brown and crispy and the cheese is melted.
Remove from the oven and let cool for 2 minutes.
Drizzle each taco ranch bite with about 1 teaspoon of ranch dressing.
Garnish with chopped fresh cilantro before serving.