Preheat the oven to 350 degrees F (175 degrees C).

Line each cup in a mini-muffin pan with a wonton wrapper, carefully pressing each into a star-shaped cup. Take care to not tear the wrapper as they will tear easily.

Bake in the preheated oven until golden brown, 8 to 10 minutes; transfer to a baking sheet. Repeat until remaining wonton wrappers are all baked.

Heat a large skillet over medium-high heat. Cook and stir sausage in the hot skillet until browned completely, 5 to 7 minutes; drain and discard grease. Set sausage aside to cool.

Stir cooled sausage, Colby cheese, green onions, red bell pepper, green bell pepper, and ranch salad dressing together in a bowl; spoon into the wonton cups.

Bake in the preheated oven until cheese has melted and is beginning to bubble, 15 to 20 minutes.