In a large skillet, heat the olive oil over medium. Add the onion and bell pepper and cook, stirring occasionally, until softened, about 5 minutes. Stir in the cumin, paprika, and garlic powder and cook, stirring until fragrant, about 1 minute.

Scrape the onion mixture into the slow cooker and add the diced tomatoes, pasteurized cheese, and milk.

Cook on high for 60 minutes or low for 120 minutes, until bubbly. Stir in the black beans, cilantro, and Cholula until well combined. Stir in shredded Mexican style cheese until just melted. Top with diced avocado and garnish with additional cilantro. Dash generously with Cholula. Serve with tortilla chips.