In a large skillet over medium heat, brown the ground beef until fully cooked, breaking it apart with a spoon as it cooks. Drain any excess fat.

Add the diced tomatoes with green chilies, cream of mushroom soup, garlic powder, onion powder, chili powder, salt, and pepper to the skillet. Stir to combine.

Reduce the heat to low and add the cheddar and Monterey Jack cheeses. Stir until the cheese is melted and the dip is smooth.

Remove from heat and transfer the dip to a serving bowl. Serve warm with tortilla chips.