I grew up on this recipe. The ketchup may seem strange, but it blends in perfect with the velveeta. If you think it tastes too ketchupy, you didn't follow the directions! Honestly, i usually add more ketchup to it at the table.
Leftovers of this usually don't reheat well, so I only make enough for the meal. Liking things spicy, we add Cholula hot sauce and chili powder to the meat as it cooks, and add in more chili powder to taste when its finishing.