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Combine 1 1/2 tablespoons chili powder, salt and cumin in a large bowl. Add bison and toss to coat.
Heat 1 tablespoon oil in a Dutch oven over medium-high heat. Reduce heat to medium, add half the meat and brown on all sides, 5 to 7 minutes. Transfer to a plate. Add the remaining 1 tablespoon oil and brown the rest of the meat. Transfer to the plate.
Add onion to the pot and cook, stirring, until starting to soften, 3 to 5 minutes. Add chiles and garlic; cook, stirring, for 2 to 3 minutes more. Add the remaining 1 1/2 tablespoons chili powder and stir until the vegetables are well coated. Add tequila (or water), scrape up any browned bits, and simmer until most of the liquid is evaporated. Stir in hominy, tomatoes, broth, orange juice, lime juice and the reserved bison. Return to a simmer, reduce heat, cover and cook until the bison is easily pierced with a fork, 1 1/2 to 2 hours.
Stir in squash and cook until just tender, 8 to 15 minutes, depending on the type of squash. Season with pepper. Serve the stew with lime wedges, cilantro, cabbage and red onion on the side, if desired.