Heat a large skillet over medium-high heat. Cook and stir beef in the hot skillet until browned and crumbly, 5 to 7 minutes; drain and discard grease. Add chili sauce, water, chili seasoning, mustard, Worcestershire sauce, and onion powder; bring to a boil. Reduce heat and simmer until Coney sauce is thickened, about 30 minutes.

Place hot dogs into a large pot and cover with salted water; bring to a boil and cook until hot dogs are heated through, 5 to 7 minutes. Place 1 hot dog in each bun and top with Coney sauce.