Heat olive oil in a large pot over medium heat.
Sauté onion and jalapeños until softened, about 4–5 minutes.
Add garlic and smoked paprika; stir for 30 seconds.
Add chicken and cook until lightly browned.
Pour in chicken broth and bring to a gentle simmer.
Cook until chicken is fully done, then remove and shred it.
Return shredded chicken to the pot and reduce heat to low.
Stir in softened cream cheese until fully melted.
Add heavy cream and cheddar cheese, stirring until smooth.
Season with salt and pepper, then simmer gently for 5 minutes.
Serve hot with desired toppings.