Heat olive oil in a large soup pot over medium heat. Add the diced onion and bell peppers. Cook for 4–5 minutes until softened. Stir in the garlic and cook for another 30 seconds until fragrant.
Sprinkle in cumin, chili powder, smoked paprika, salt, and black pepper. Stir everything together to coat the vegetables in those warm spices. This step helps release the aromatics and build the soup’s flavor base.
Pour in the diced tomatoes with green chiles and chicken broth. Bring the mixture to a boil, then reduce heat and let it simmer for about 10 minutes so the flavors can meld.
Stir in the shredded chicken, frozen corn, and black beans. Let everything simmer together for another 10 minutes to heat through and blend the flavors.
Lower the heat and stir in the heavy cream and cream cheese. Let the cream cheese melt slowly into the soup, stirring gently. If you want an ultra-creamy texture, you can use an immersion blender to puree a small portion of the soup (just a few pulses will do).
Squeeze in the fresh lime juice to brighten everything up. Taste and adjust seasoning if needed. Ladle into bowls and top with tortilla strips, fresh cilantro, avocado, sour cream, or shredded cheese.