Heat olive oil in a large skillet over medium-high heat.
Add ground beef and diced onion to the skillet. Cook, breaking up the beef with a spoon, until browned and the onion is softened, about 5-7 minutes.
Add minced garlic, taco seasoning, chili powder, ground cumin, smoked paprika, salt, and black pepper. Stir and cook for 1 minute until fragrant.
Pour in diced tomatoes with their juice and beef broth. Stir to combine.
Add uncooked penne pasta to the skillet. Stir well to submerge the pasta in the liquid.
Bring the mixture to a boil, then reduce heat to medium-low. Cover and simmer, stirring occasionally, until the pasta is tender and most of the liquid is absorbed, about 15 minutes.
Remove the skillet from heat and sprinkle shredded cheddar and Monterey Jack cheeses evenly over the pasta.
Cover the skillet again and let stand for 3-5 minutes until the cheese melts.
Garnish with sliced green onions and chopped fresh cilantro before serving.