Heat the extra virgin olive oil in a skillet over medium heat. Add the diced onion and jalapeno peppers, then sauté for 3 to 4 minutes.
Add the minced garlic, kosher salt, ground cumin, and chili powder, and stir for 1 additional minute.
Transfer the sautéed mixture to a food processor. Add the black beans, cilantro, lime juice, and water, then blend until smooth. Taste and adjust spices to preference.
Spoon the dip into a serving bowl and garnish with fresh cilantro and cotija cheese, if desired.