Line a 6-quart slow cooker with a double layer of heavy-duty foil and coat it with cooking spray.
In a large skillet, cook ground beef over medium heat until browned and no longer pink (about 6-8 minutes). Break it into crumbles and drain any excess fat.
Stir tomato soup, water, and taco seasoning into the beef mixture. Bring it to a boil, then reduce the heat and let it simmer uncovered for 3-5 minutes until slightly thickened.
Cut the biscuits into quarters, then gently stir the pieces into the beef mixture until evenly coated.
Transfer everything to your slow cooker. Cover and cook on low for 3-4 hours until the biscuit dough is cooked through.
Sprinkle the cheddar cheese evenly over the top, cover again, and cook for another 5 minutes until the cheese is melted.
Serve with your favorite toppings, and enjoy!