Heat the olive oil in a medium saucepan over medium heat. Add the onion and bell pepper and cook for 4–5 minutes until softened. Stir in the garlic and cook for another 30 seconds.
Add the seasonings
Sprinkle in the chili powder, cumin, smoked paprika, oregano, and cayenne. Stir for about 30 seconds until fragrant.
Simmer
Pour in the chicken broth. Add the cooked chicken, black beans, corn, and Rotel. Bring to a gentle simmer and cook for 10 minutes.
Make it creamy
Reduce the heat to low. Stir in the softened cream cheese until completely melted.
Slowly pour in the heavy cream and stir until smooth.
Add the cheese
Remove the pan from the heat and gradually stir in the shredded cheddar cheese until melted and creamy.
Taste and season with salt and black pepper as needed.
Serve
Ladle into bowls and top with crushed tortilla chips, additional cheddar cheese, sour cream, avocado, cilantro, and a squeeze of fresh lime juice.
For an extra cheesy finish, sprinkle additional cheddar over each bowl just before serving.