Fry each piece of bologna by placing into skillet and cooking one side until desired doneness and then flipping and cooking the other side. *Important* Do NOT cut the bologna so that it will lie flat. You want the bologna to create a "bowl" as it cooks.
Once bologna is cooked, remove from skillet, blot excess grease off with paper towel and place onto a serving plate.
Spoon a servings worth of mashed potatoes into each bologna bowl and top with a slice of Velveta cheese.
You may microwave the bologna / mashed potatoe cups just long enough to reheat the potatoes and to melt the cheese.