Preheat your oven to 375°F (190°C).
In a large skillet, heat the olive oil over medium heat. Add the chopped onion and sauté until translucent, about 3-4 minutes.
Add the ground beef to the skillet. Cook until browned, breaking it apart with a spoon, about 6-8 minutes. Drain excess fat if needed.
Season the beef with garlic powder, onion powder, salt, and pepper, and stir well to combine.
In a mixing bowl, combine the cream of mushroom soup and milk. Mix until smooth.
In the baking dish, layer half of the sliced potatoes on the bottom. Pour half of the soup mixture over the potatoes, and then layer half of the cooked ground beef. Sprinkle with half of the shredded cheddar cheese.
Repeat the layers with the remaining potatoes, soup mixture, ground beef, and top with the remaining cheddar cheese.
Cover the baking dish with aluminum foil and bake in the preheated oven for 30 minutes.
Remove the foil and bake for an additional 15 minutes, or until the cheese is melted and bubbly and the potatoes are tender.
Let it cool for a few minutes before serving.