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 excess fat from the skillet if necessary.
Stir in chili powder, ground cumin, smoked paprika, salt, black pepper, and tomato sauce.
Cook for 2-3 minutes, stirring occasionally, until the beef mixture is well combined and heated through.
Spread half of the tortilla chips evenly on a large oven-safe baking sheet or dish.
Evenly distribute half of the seasoned ground beef over the chips.
Sprinkle half of the shredded cheddar and Monterey Jack cheeses over the beef.
Add the remaining tortilla chips on top, then layer with the remaining ground beef and cheeses.
Top with sliced jalapeño peppers and sliced black olives.
Bake in the preheated oven for 10-12 minutes, or until the cheese is fully melted and bubbly.
Remove from the oven and sprinkle diced tomatoes and chopped green onions over the top.
Serve immediately with sour cream and guacamole on the side.