Brown the beef: In a large pot, heat olive oil over medium heat. Add ground beef and cook until browned, breaking it up with a spatula.
Add aromatics: Stir in diced onion and garlic, cooking until softened and fragrant.
Season it up: Add chili powder, paprika, cumin, oregano, salt, and pepper. Stir well to coat the beef evenly.
Add liquids: Pour in beef broth and heavy cream. Mix thoroughly and bring to a gentle simmer.
Add cheese: Stir in cream cheese and cheddar until fully melted and smooth.
Simmer: Let the soup cook for about 10-15 minutes, stirring occasionally, until thickened.
Serve: Ladle into bowls and top with your favorite garnishes — sour cream, jalapeños, avocado, or cilantro.