Heat olive oil in a large pot over medium heat.
Add the diced onions and cook until translucent.
Stir in the minced garlic and diced jalapeños, cooking for an additional minute.
Add the chicken breasts and pour in the chicken broth.
Bring to a boil, then reduce heat and simmer until chicken is cooked through, about 15 minutes.
Remove chicken, shred it, and return to the pot.
Stir in the cream cheese, smoked paprika, and cumin.
Blend until smooth, if desired, then return to heat.
Add cheddar cheese and stir until melted.
Season with salt and pepper to taste before serving.