Heat 1 tbsp butter in a skillet over medium-high heat.
Add 1 lb ground beef, break it up, and cook until browned.
Drain excess fat if needed.
Season with salt, pepper, chili powder, cumin, garlic powder, and onion powder.
Add 1/4 cup water and stir until the seasoning coats the beef.
Sprinkle 1 cup shredded cheddar over the top.
Reduce heat and let the cheese melt into the beef.
Add optional toppings and serve.