Set the oven to 375°F (190°C) and cover a baking sheet with parchment. The parchment should lie flat beneath the entire ring.
Stir the chicken, onion, red bell pepper, jalapeño, and taco sauce together in a large bowl, then set the bowl aside. The sauce should coat the chicken evenly, with vegetables distributed throughout.
Halve all 20 tortillas and distribute cheddar, Monterey Jack, and chicken filling across the cut pieces, aiming for about 2 tablespoons of each per half while checking the available amounts. Keep the portions even and leave cheese available for layering rather than packing the first cones heavily.
Shape each filled half into a cone by bringing the tortilla around itself from the straight, cut edge. The overlapping flap should sit snugly without squeezing filling through the wide opening.
Position a wide-mouth jar or glass in the middle of the lined sheet. This temporary guide marks the opening that will remain in the finished ring.
Arrange about 13 cones around the jar with their tips pointing inward and touching it, scatter both cheeses over them, and repeat to form two more layers before topping with the remaining cheese and removing the jar. The cones should form a supported stack with an empty center before the sheet enters the oven.
Bake the assembled ring for 15 to 20 minutes. Look for fully melted cheese and crisp tortilla edges with golden color.
Move the baked ring carefully onto a serving platter, add your chosen dip to the center, finish with any desired garnishes, and serve promptly. The cones should stay connected while the outer edges remain crisp.