Heat olive oil in a large pot over medium-high heat. Add ground beef and brown for 8 to 10 minutes until fully cooked. Drain excess fat.
Stir in chili powder, cumin, garlic powder, onion powder, salt, and black pepper. Cook for 2 minutes to toast the spices.
Pour in beef broth and crushed tomatoes. Stir well, scraping up any browned bits from the bottom of the pot.
Bring to a gentle boil, then reduce heat to low. Cover and simmer for 30 to 45 minutes, stirring occasionally.
Serve hot in bowls, topped with shredded cheddar cheese, sliced jalapenos, green onions, and fresh cilantro.