Preheat oven to 425°F. Spray a large baking sheet with non-stick cooking spray. Wash potatoes thoroughly and cut each potato in half lengthwise, then cut each half into 3 to 4 wedges aiming for 1/2-inch thickness at the widest part.

Place potato wedges in a large bowl. Drizzle with olive oil and sprinkle with chili powder, garlic powder, salt, and pepper. Toss with hands to coat evenly.

Arrange seasoned wedges in a single layer on prepared baking sheet, ensuring they do not touch. Bake for 25 to 30 minutes, flipping at the 12 to 15 minute mark until golden brown and crispy on the edges.

While potatoes bake, brown ground beef in a large skillet over medium-high heat, breaking it up into small crumbles. Once no pink remains, drain excess fat.

Stir taco seasoning and water into the beef. Bring to a simmer, then reduce heat and cook for 3 to 5 minutes until sauce thickens.

Remove crispy potatoes from oven and top evenly with seasoned beef and shredded cheese. Return to oven for 2 to 3 minutes until cheese melts, watching closely to prevent browning. Serve immediately with desired toppings.