Step 1: In a large 12-inch cast-iron or non-stick skillet over medium-high heat, add the ground beef and diced onions. Cook until the beef is fully browned and the onions are translucent, breaking the meat apart with a spatula.
Step 2: Remove the beef and onion mixture from the skillet and set aside on a plate. Drain any excess grease, leaving about a tablespoon in the pan. If the pan is too dry, add 1 tablespoon of olive oil.
Step 3: Add the diced potatoes to the same skillet. Spread them out in an even layer. Cook for 12-15 minutes, stirring occasionally, until the potatoes are golden brown and tender on the inside. Covering the pan for a few minutes can help speed up the softening process.
Step 4: Once the potatoes are ready, add the minced garlic, smoked paprika, garlic powder, and onion powder. Stir and cook for 1 minute until fragrant.
Step 5: Return the cooked beef and onions to the skillet. Toss everything together to combine and heat through. Season with salt and pepper to taste.
Step 6: Sprinkle the shredded cheddar cheese and bacon bits over the top. Reduce heat to low and cover with a lid for 1-2 minutes until the cheese is completely melted.
Step 7: Garnish with sliced green onions and serve warm with a dollop of sour cream if desired.