Heat olive oil in a large skillet over medium-high heat.
Add ground beef and cook, breaking it apart with a spoon, until browned and cooked through, about 5-7 minutes.
Add diced onion and minced garlic to the skillet. Cook until the onion is softened, about 3 minutes.
Stir in ground cumin, chili powder, smoked paprika, salt, and black pepper. Cook for 1 minute to toast the spices.
Add uncooked penne pasta, enchilada sauce, beef broth, and diced tomatoes to the skillet. Stir to combine.
Bring the mixture to a boil, then reduce heat to medium-low. Cover and simmer for 15 minutes, stirring occasionally, until the pasta is tender and most of the liquid is absorbed.
Remove the skillet from heat. Sprinkle shredded cheddar and Monterey Jack cheeses evenly over the top.
Cover the skillet again and let sit for 3-5 minutes until the cheese melts.
Garnish with chopped cilantro, sliced black olives, and diced green onions before serving.