Begin by heating 2 tablespoons of olive oil in a large pot over medium heat. Once the oil shimmers, add 1 diced medium onion and sauté for about 5 minutes until it becomes translucent and fragrant. Stir in 3 minced garlic cloves and 2 diced jalapeños, cooking for an additional 2 minutes until the garlic is aromatic and the jalapeños are tender.

Next, introduce 1 pound of boneless, skinless chicken breasts to the pot along with 4 cups of chicken broth. Increase the heat and bring the mixture to a boil. Once boiling, reduce the heat to low and cover the pot, letting it simmer for 15 minutes until the chicken is cooked through and no longer pink in the center.

Carefully remove the chicken breasts from the pot and place them on a cutting board. Using two forks, shred the chicken into bite-sized pieces. Return the shredded chicken back into the pot, stirring to combine it with the broth and vegetable mixture.

Stir in 1 cup of heavy cream, then add 1 teaspoon of ground cumin and 1 teaspoon of paprika. Season the mixture with salt and pepper to taste. Mix in 1 cup of softened cream cheese until it has fully dissolved and the soup reaches a velvety texture.

Carefully fold in 1 cup of shredded cheddar cheese into the pot. Stir continuously until the cheese melts completely and integrates into the soup. If desired, add ½ cup of crumbled bacon at this stage for about 5 minutes.

Once everything is well combined and heated, ladle the soup into warm bowls. Garnish with fresh cilantro.