Step 1: Heat olive oil in a large pot or Dutch oven over medium-high heat. Add ground beef and cook, breaking it up with a spoon, until fully browned. Drain any excess fat.
Step 2: Add chopped onion and green bell pepper to the pot with the cooked beef. Sauté for 5-7 minutes, until the vegetables soften and become fragrant.
Step 3: Stir in the dry ranch seasoning mix and taco seasoning mix. Cook for 1 minute, stirring constantly, to bloom the spices.
Step 4: Pour in the diced tomatoes with green chilies (undrained), corn (undrained), rinsed and drained black beans, rinsed and drained kidney beans, tomato sauce, and beef broth.
Step 5: Bring the mixture to a boil, then reduce the heat to low. Cover the pot and let the taco soup simmer for at least 20-30 minutes, allowing the flavors to meld. The longer it simmers, the richer the taste will be.
Step 6: Taste the taco soup and season with salt and black pepper as needed. Add any additional seasonings to your preference.
Step 7: Ladle the hearty taco soup into bowls and serve hot with your favorite toppings such as shredded cheese, sour cream, crushed tortilla chips, green onions, cilantro, or diced avocado.