First things first, get a big pot of water boiling for your pasta. Once it's boiling, add your penne and cook it according to the package directions until it's al dente. You want it tender but with a little bite, because it will finish cooking in the sauce. Drain it well when it's done and set it aside.
While the pasta is cooking, grab a large skillet or Dutch oven. Add your olive oil and heat it over medium-high heat. Toss in your ground beef and break it up with a spoon, cooking until it's nicely browned. Make sure you drain off any excess grease. This keeps our pasta from being greasy.
Now, add your diced onion and bell peppers to the skillet with the ground beef. Cook them for about 5-7 minutes, stirring occasionally, until the veggies soften up a bit and the onion is translucent. They don't need to be super soft, just getting a head start.
Next, sprinkle that magical taco seasoning packet over the meat and veggie mixture. Stir it all together and let it cook for another minute, just to really toast the spices and wake up all those flavors. You'll start smelling the deliciousness already!
Reduce the heat to low. Now for the good part! Pour in that jar of cheese dip and the can of diced tomatoes with green chilies (no need to drain the tomatoes!). Stir everything together until the cheese dip is melted and everything is coated in that creamy, cheesy, slightly spicy sauce.
Finally, add your cooked and drained penne pasta back into the skillet. Gently stir it all together, making sure every single piece of pasta is coated in that amazing sauce. Let it heat through for a minute or two, allowing the flavors to meld and the pasta to soak up some of the sauce.