Preheat your oven to 350°F (175°C).
In a large skillet, heat the olive oil over medium heat. Add the chopped onion and ground beef, cooking until the beef is browned and the onion is translucent, about 5-7 minutes.
Drain any excess fat from the skillet, then stir in the diced potatoes, frozen mixed vegetables, garlic powder, onion powder, salt, and black pepper. Mix well to combine.
Pour in the cream of mushroom soup and stir until the mixture is evenly coated. Cook for an additional 5 minutes, allowing the flavors to meld together.
Transfer the beef and potato mixture to a greased 9x13 inch baking dish. Spread it out evenly.
Cover the dish with aluminum foil and bake in the preheated oven for 30 minutes.
Remove the foil and sprinkle the shredded cheddar cheese on top. Return to the oven and bake uncovered for an additional 15-20 minutes, or until the cheese is melted and bubbly.
Once cooked, let the casserole sit for a few minutes before serving. Enjoy your delicious hobo casserole!