Fry each dough round until golden brown, 1 to 2 minutes per side. Heat 1/4 cup olive oil in a small pot. Add pinto beans, 1 tablespoon chili powder, 1 teaspoon cumin, garlic powder, salt, and black pepper; stir and mash until heated through, about 5 minutes. Top fry bread with pinto bean mixture and shredded beef.