In a large pot, heat the olive oil over medium heat. Add the diced onion and sauté until translucent, about 5 minutes. Stir in the minced garlic and cook for an additional minute until fragrant.
Pour in the chicken broth and bring to a simmer.
Add the softened cream cheese to the pot, stirring until fully melted and combined.
Stir in the heavy cream, shredded cheddar cheese, diced jalapeños, smoked paprika, and cumin. Mix well and let the soup simmer for about 10 minutes, stirring occasionally.
Season with salt and pepper to taste. If you prefer a smoother texture, use an immersion blender to blend the soup to your desired consistency.
Serve hot, garnished with chopped cilantro and crumbled bacon if desired.