Preheat your oven according to the instructions on the tater tots package. Spread the frozen tater tots evenly on a baking sheet and bake until golden and crispy, usually around 20-25 minutes, flipping them halfway through.
While the tater tots are baking, heat the olive oil in a large skillet over medium heat. Add the diced onion and sauté until translucent, about 3-4 minutes. Stir in the minced garlic and cook for an additional minute.
Add the ground beef to the skillet, breaking it up with a spatula. Sprinkle 1 tablespoon of taco seasoning over the beef. Cook, stirring occasionally, until the beef is browned and cooked through, about 6-8 minutes. Drain any excess fat if necessary.
Once the tater tots are ready, remove them from the oven and sprinkle the cooked beef mixture evenly over the tots. Then, sprinkle the freshly shredded Colby jack cheese over the top.
Return the loaded tater tots to the oven and bake for an additional 5-7 minutes, or until the cheese is melted and bubbly.
Once the cheese is melted, remove the baking sheet from the oven. Top the loaded tater tots with pico de gallo, sour cream, guacamole, sliced green onions, chopped cilantro, and diced jalapeño peppers to your liking.