Heat olive oil in a large pot over medium heat. Season chicken with salt and pepper, then sear until golden brown on both sides (4–6 minutes each). Remove and set aside.
In the same pot, sauté diced onion until soft. Add garlic and jalapeños; cook until fragrant (2–3 minutes).
Stir in ground cumin and paprika; cook for another minute.
Pour in chicken broth, scraping browned bits from the pot. Bring to a gentle boil, then simmer for 15–20 minutes.
Lower heat, whisk in cream cheese until smooth, then gradually stir in heavy cream and cheddar cheese until melted.
Return shredded chicken to the pot; heat through for 3–5 minutes. Adjust seasoning as needed.
Serve hot, garnished with crumbled beef bacon and cilantro.