In a large soup pot over medium heat, combine sausage and ground beef. Cook until browned, breaking up meat as it cooks. Drain off any excess fat.

Add diced onion and minced garlic to the meat, and cook until the onion becomes translucent (about 3 minutes). Stir in oregano, onion powder, garlic powder, salt, pepper, and chicken bouillon. Mix well to distribute seasoning.

Stir in the diced tomatoes, roasted green chile, and cubed yellow squash. Pour in about 6 cups of chicken broth. Bring to a boil, then reduce heat to low, cover, and simmer for 20 minutes.

While the soup simmers, heat a small skillet with the oil and butter over medium heat. Add the macaroni and toast, stirring constantly, until it turns golden brown and nutty—about 5 minutes.

Once toasted, stir the macaroni into the simmering soup. Continue to cook for 8–10 minutes, or until the pasta is just tender. Avoid overcooking so it retains slight bite.

Reduce heat to low. Stir in the Velveeta sauce pouch, American cheese slices, and shredded Colby Jack. Stir gently until all cheeses melt and the soup becomes creamy and uniform.

Ladle into warmed bowls and serve immediately. Garnish as desired and enjoy the cheesy, savory goodness.