Brown ground beef and onion in a large skillet. Drain fat.
Add Velveeta, cream cheese, and tomatoes. Stir until melted. Add in milk a little bit at a time to reach desired consistency (you made not need all of it).
Add shredded cheese and half of the and bacon crumbles. Stir well.
Top with remaining bacon and serve immediately.
Notes
Best served hot with tortilla or pita chips, sliced baguette or a tray of veggies.