In a large pot, heat 2 tablespoons of olive oil over medium heat. Once hot, add the diced onion and sauté for about 5 minutes until the onions are softened and translucent.

Add 3 minced garlic cloves and 2 diced jalapeños to the pot. Cook for an additional 2 minutes, stirring frequently, until the garlic becomes fragrant and golden.

Place 1 pound of boneless, skinless chicken breasts into the pot and pour in 4 cups of chicken broth. Bring the mixture to a rolling boil, then reduce the heat to low. Let it simmer for approximately 15 minutes, or until the chicken is cooked through.

Once the chicken is cooked, remove it from the pot and shred it into bite-sized pieces. Return the shredded chicken back into the pot.

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 heat for another 5 minutes.

Add 1 cup of softened cream cheese to the pot, stirring until it's fully incorporated and the mixture is smooth.

Fold in 1 cup of shredded cheddar cheese until it melts. If desired, sprinkle in ½ cup of crumbled bacon.

Ladle the hot soup into bowls, garnishing each serving with fresh cilantro.