Preheat the oven to 375°F (190°C).
In a large skillet over medium heat, cook the ground beef until browned, breaking it apart with a spatula, about 5-7 minutes.
Drain any excess grease from the beef.
Add the taco seasoning mix and water to the skillet with the beef. Stir well and simmer for 3-4 minutes until the sauce thickens. Remove from heat and let cool slightly.
Lightly spray a 24-cup mini muffin tin with cooking spray.
Place one wonton wrapper into each muffin cup, pressing gently to form a cup shape.
Spoon about 1 teaspoon of the seasoned beef mixture into each wonton cup.
Top each with a small pinch of shredded cheddar and Monterey Jack cheeses.
Bake in the preheated oven for 10-12 minutes, or until the wonton wrappers are golden and crispy and the cheese is melted.
Remove from oven and let cool for 2 minutes.
Drizzle about 1/2 teaspoon of ranch dressing over each bite.
Garnish with chopped fresh cilantro.
Serve warm and enjoy!