Heat olive oil in a large pot or Dutch oven over medium heat. Add the diced onion and sauté for about 5 minutes until softened.
Stir in the minced garlic and diced jalapeños, cooking for an additional 2 minutes.
Add the chicken breasts to the pot followed by the chicken broth. Bring to a boil, then reduce the heat and simmer for 15 minutes until the chicken is cooked through.
Remove the chicken from the pot and shred it using two forks. Return the shredded chicken to the pot.
Stir in the heavy cream, ground cumin, paprika, and season with salt and pepper.
Add the softened cream cheese, stirring until it is fully incorporated and creamy.
Mix in the shredded cheddar cheese until melted and combined. If using crumbled bacon, stir it in at this point.
Let the soup simmer for an additional 5 minutes, allowing all those wonderful flavors to meld together.
Serve hot, garnished with fresh cilantro.