In a medium skillet, heat over medium heat and add the ground beef. Cook for about 5-7 minutes, breaking it apart with a spatula until browned and fully cooked. Drain any excess fat, then sprinkle in the taco seasoning, garlic powder, and onion powder. Mix well and set aside.

In a saucepan over low heat, add the cream cheese and stir continuously until melted and creamy, which should take about 3-5 minutes. Gradually mix in the sour cream and milk, whisking until you achieve a smooth, well-combined mixture.

Next, gradually incorporate the shredded cheddar and mozzarella into the warm cheese sauce. Stir continuously, allowing each addition to melt completely before adding more cheese.

Once the cheese mixture is smooth and bubbly, fold in the cooked ground beef and crumbled bacon. Season with salt and pepper to taste, then let everything meld together for about 2-3 minutes over low heat.

Transfer the bubbling Sizzling Bacon Cheeseburger Queso Dip into a warm serving bowl. Serve immediately with crispy tortilla chips or an assortment of dippers like fresh veggies or crackers.