Preheat your oven to 450°F (230°C). Lightly coat a 12-cup Bundt pan with cooking spray. Set it aside.
In a large skillet over medium-high heat, add the lean ground beef, diced yellow onion, salt, and black pepper. Cook for about 6-7 minutes, breaking up the beef, until no pink color remains. Drain off any excess fat thoroughly to keep your nachos light.
Return the skillet to medium heat. Stir in the water and taco seasoning, making sure all the beef is well coated. Continue to cook for another 2-3 minutes until most of the liquid has evaporated. Remove the skillet from the heat.
Place a layer of half the shredded cheese in the bottom of your prepared Bundt pan. Follow this with half of the seasoned ground beef mixture, and then about one-third of the tortilla chips. Remember, don't pack the chips down; keep them airy!
Add the rest of the shredded Colby Jack cheese, followed by the remaining ground beef mixture, and then another one-third of the tortilla chips. You want good coverage without overfilling the pan.
Bake in your preheated oven for 10 minutes. The cheese should be beautifully melted and bubbly, and the chips nice and crisp.
Carefully take the Bundt pan out of the oven. Place a large, heat-proof serving plate upside down over the top of the Bundt pan. Using oven mitts, confidently flip the pan over so it rests on the plate. Gently lift off the Bundt pan to reveal your impressive nacho ring! If any cheese sticks, just carefully put it back onto the nachos.
Serve these Bundt Pan Nachos right away with your favorite fresh and healthy toppings like diced tomatoes, chopped cilantro, sliced avocado or guacamole, a dollop of light sour cream or Greek yogurt, and some sliced jalapeños for a kick!