In a large pot, heat 2 tablespoons of olive oil over medium heat. Add 1 diced onion and sauté for about 5 minutes until softened. Stir in 3 minced garlic cloves and 2 chopped jalapeños, cooking for an additional 2 minutes.

Next, add 2 boneless skinless chicken breasts and 4 cups of chicken broth. Bring to a boil, reduce heat to low, and simmer for about 15 minutes until chicken is cooked. Shred the chicken using two forks.

Return the shredded chicken to the pot, and stir in 1 cup of heavy cream, 1 teaspoon of ground cumin, and 1 teaspoon of paprika. Season with salt and pepper to taste and cook on low for about 5 minutes.

Add 4 ounces of softened cream cheese, stirring until smooth. Mix in 1 cup of shredded cheddar cheese until melted, adjusting seasoning as needed.

Let the soup simmer for an additional 5 minutes before serving in bowls, garnished with fresh cilantro or crumbled bacon. Serve hot with crusty bread or tortilla chips.