Heat a large skillet over medium-high heat and add the ground beef, breaking it apart with a spoon as it cooks. Cook for 5-7 minutes until the beef is completely browned and no pink remains. Drain off all excess fat by pouring the cooked beef through a fine-mesh strainer or carefully tilting the pan and using a spoon to push the meat to the side while draining the liquid. Set the cooked beef aside.

Cut the Velveeta cheese into 1-inch cubes for even melting. Add the browned beef from Step 1, cheese cubes, diced green chilis, 6 oz of the Taco Bell Hot Sauce (reserving 2 oz for garnish), garlic powder, and onion powder to a slow cooker. I find that cutting the cheese into smaller cubes rather than using shredded cheese helps it melt more smoothly and create a creamier dip without clumping.

Cover the slow cooker and heat on high for 2 hours, stirring the mixture halfway through (around the 1-hour mark). This allows the cheese to fully melt and the flavors to develop and combine. The dip should be smooth, creamy, and heated through by the end.

Transfer the queso dip to a serving dish or keep it warm in the slow cooker on the warm setting. Drizzle the reserved 2 oz of Taco Bell Hot Sauce over the top for a spicy kick and authentic Taco Bell flavor. Serve immediately with tortilla chips, or keep it warm in the slow cooker throughout your meal.