Place ground beef in a large heavy-bottomed skillet over medium-high heat.

Cook the beef, breaking it into small crumbles with a spatula, until fully browned and no pink remains (approximately 7-9 minutes).

Drain the excess rendered fat from the skillet and return the skillet to the stove over low heat.

Stir in the chili powder, garlic powder, and onion powder to evenly season the meat.

Add the cubed processed cheese and the entire undrained can of diced tomatoes and green chilies to the skillet.

Cook on low heat, stirring continuously with a silicone spatula, until the cheese is completely melted and the mixture is homogenous.

If the viscosity is too high, stir in milk one tablespoon at a time until the desired dipping consistency is achieved.

Transfer the dip to a pre-warmed serving bowl or a small slow cooker on the 'warm' setting to prevent solidification.

Garnish with chopped cilantro and serve immediately with corn tortilla chips.