In a large skillet over medium heat, add the lean ground beef and diced onion. Cook until the beef is browned and the onion is translucent, about 5-7 minutes. Make sure to break up the beef into small pieces as it cooks.
Once the beef is browned, season it with salt and pepper. Stir well to combine and enhance the flavor.
Pour in the red enchilada sauce, black beans, diced tomatoes, corn, and sliced olives. Stir everything together until well combined. Let this mixture simmer for about 5 minutes, allowing the flavors to meld.
Remove the skillet from heat and stir in 1 ½ cups of the shredded Colby-jack cheese. Mix until the cheese is melted and evenly distributed throughout the dip.
Preheat your oven to 350°F (175°C). Transfer the dip mixture to a baking dish and sprinkle the remaining ½ cup of shredded cheese on top.
Place the baking dish in the preheated oven and bake for 20-25 minutes, or until the dip is bubbly and the cheese is golden brown.
Remove the dip from the oven and let it cool slightly. Serve it warm with tortilla chips, sliced veggies, or as a filling for tacos. Enjoy every cheesy, beefy bite!
