Heat oil in 5-quart saucepot over medium heat. Add beef and cook until well browned on all sides, about 5 minutes. With a slotted spoon, remove to bowl.
Add onion and garlic to drippings remaining in skillet; cook over medium heat until tender, about 5 minutes.
Return meat to saucepot; stir in cumin. Cook 1 minute. Stir in diced tomatoes with liquid, pinto beans, red kidney beans, beer, green chilies, hot sauce and salt. Heat to boiling over high heat. Reduce heat to low; cover and simmer 20 minutes to blend flavors, stirring occasionally.
Serve with cheese, if desired.