Preheat oven to 325°. In a 6-qt. stockpot, cook and crumble beef over medium-high heat until no longer pink, 7-9 minutes. Stir in seasoning, tomato sauce and water; bring to a boil. Reduce heat; simmer, uncovered, 15 minutes, stirring occasionally.
Spread chips evenly in a greased 15x10x1-in. baking pan; sprinkle with Monterey Jack cheese. Top with beef mixture; sprinkle with cheddar cheese. Bake until bubbly, 25-30 minutes.
Cut into ten 5x3-in. portions. Top each with lettuce and onion. Add tomatoes, sour cream and olives to make eyeballs.