Preheat your oven to 375°F. In a large, heavy-bottomed pot or Dutch oven over medium-high heat, add 1 teaspoon olive oil, the ground beef, and 1/2 teaspoon kosher salt. Break apart the meat with a spoon and cook for 5-8 minutes until deeply browned and cooked through.
Remove the cooked beef from the pot and set aside. In the same pot (no need to wash), add the remaining 1 teaspoon olive oil, the peeled and diced russet potatoes, and another 1/2 teaspoon kosher salt. Reduce heat to medium, cover, and cook, stirring frequently, for about 10 minutes until the potatoes are just tender but not falling apart. Add a splash of water if the potatoes stick.
Return the browned beef from Step 1 to the pot with the cooked potatoes. Sprinkle over the garlic powder and chili powder, then cook, stirring frequently, for about 1 minute until the spices are fragrant. I find that blooming the spices this way really deepens the flavor.
Turn off the heat. Stir in the tomato sauce, Worcestershire sauce, yellow mustard, and 1/2 cup shredded cheddar cheese until it's all well combined and the cheese has started to melt.
Lightly grease a 9x16 ceramic baking dish with cooking spray. Carefully transfer the meat and potato mixture from Step 4 into the dish, spreading it into an even layer. Sprinkle the remaining 1/2 cup cheddar cheese evenly over the top. Cover with foil and bake for 15 minutes, then uncover and bake an additional 5-10 minutes until the cheese is browned and bubbling. For an extra cheesy crust, I sometimes switch the oven to broil for the last 2 minutes.