Heat olive oil in large skillet. Add diced tomatoes, minced jalapenos, diced onion, and a large pinch of salt. Cook over moderately high heat, stirring often, until softened, about 5 minutes. Pour in tequila and cook, stirring frequently, until skillet looks nearly dry, about 2 minutes.
Reduce heat to low. Add cheese and cook, stirring constantly, until fully melted, about 30 seconds.
Quickly transfer queso to a serving bowl. Sprinkle with cilantro and serve immediately with tortilla chips.