Preheat your oven to 400 degrees Fahrenheit, and grease a 9x13 casserole dish.
Add the olive oil to a large skillet and heat over medium high heat.
1 tablespoons olive oil
Add the ground beef and diced onions to the hot skillet. Cook until the ground beef is no longer pink. This will take about 10 minutes. While the beef is cooking, chop it up with a spatula to make small crumbles.
2 pounds ground beef, 1 onion, diced
Pour any excess grease out of the skillet then return the pan to the stovetop.
Add the bacon bits, sour cream, ketchup, salt, pepper and garlic powder to the skillet and stir, coating the beef in the seasonings.
1 cup bacon bits, 1/2 cup sour cream, 1 cup ketchup, 1 teaspoon salt, 1 teaspoon ground black pepper, 1 tablespoon garlic powder
Remove the skillet from the stovetop and stir in two cups of the shredded cheddar cheese.
3 cups shredded cheddar cheese
Pour the saucy ground beef into the prepared casserole pan and spread it evenly in the pan.
Spread the tater tots across the top of the casserole in an even, single layer.
24 ounces frozen tater tots
Bake the casserole in the preheated oven for 30 minutes.
Remove the casserole dish from the oven and sprinkle the top with the remaining 1 cup of cheddar cheese.
Return the casserole dish to the oven and bake for another 5 minutes to melt the cheese. The cheese should be just starting to brown.
Let the casserole cool for about 10 minutes then scoop and serve!