Step 1: In a large skillet, cook your chosen ground meat over medium-high heat, breaking it up with a spoon, until it's fully browned and no pink remains. Drain any excess grease thoroughly.
Step 2: Stir in the taco seasoning mix and 1/2 cup of water. Bring the mixture to a simmer, then reduce heat to low and cook for 5-7 minutes, or until the liquid has mostly evaporated and the meat is well-coated and flavorful.
Step 3: Preheat your oven to 375°F (190°C). Line a large round baking sheet or pizza pan with parchment paper.
Step 4: Unroll the crescent roll dough and separate it into triangles. Arrange the triangles in a circle on the prepared baking sheet, with the pointed ends facing outwards and the wider ends overlapping slightly in the center, leaving a 3-4 inch gap in the middle.
Step 5: Gently press the wide ends of the crescent dough together to seal them, forming a solid inner ring.
Step 6: Spoon the seasoned taco meat evenly over the wider ends of the crescent dough, forming a ring.
Step 7: Sprinkle half (1 cup) of your shredded Mexican blend cheese over the taco meat. Follow with the chopped red onion, bell pepper, and sliced black olives (if using).
Step 8: Arrange the tortilla chips around the outside edge of the crescent dough, tucking them slightly under the pointed ends and standing them upright. Overlap them slightly to create a continuous wall of chips (2-3 layers).
Step 9: Sprinkle the remaining half (1 cup) of the shredded cheese evenly over the tortilla chips and any exposed meat or vegetables.
Step 10: Carefully fold the pointed ends of the crescent roll dough over the chips and towards the center, tucking them under the chips or pressing them gently into the cheese.
Step 11: Bake for 20-25 minutes, or until the crescent dough is golden brown and cooked through, and the cheese is melted, bubbly, and slightly browned.
Step 12: Carefully remove the Cheesy Taco Nacho Ring from the oven. Let it cool for 5 minutes before transferring it to a serving platter.
Step 13: Garnish your stunning Cheesy Taco Nacho Ring with your favorite fresh toppings (shredded lettuce, diced tomatoes, sour cream, salsa, guacamole, cilantro, pickled jalapeños, lime wedges). Serve immediately!