Sauté the aromatics: Heat the oil in a large skillet over medium heat.
Add the onion and bell pepper. Cook 4–5 minutes until softened. Stir in the garlic and cook 30 seconds until fragrant.
Build the sauce: Pour in the tomato sauce and chicken broth.
Add chili powder, cumin, smoked paprika, oregano, garlic powder, onion powder, and coriander if using. Season with a pinch of salt and pepper. Stir well and bring to a gentle simmer.
Thicken and enrich: Reduce heat to medium-low.
Stir in the heavy cream or cream cheese until smooth. Let the sauce simmer 3–4 minutes to thicken slightly.
Add the chicken: Fold in the shredded chicken, coating it in the sauce. Simmer 3–5 minutes until heated through and flavors meld.
Taste and adjust salt and pepper.
Add the cheese: Sprinkle the shredded cheese evenly over the skillet. Cover with a lid and cook 2–3 minutes, just until the cheese melts and gets gooey. Top with black olives if using.
Garnish and serve: Remove from heat.
Shower with chopped cilantro. Serve as-is or with avocado slices and a dollop of sour cream. Pair with low-carb tortillas or spoon over cauliflower rice if you like.