Warm the pot: Heat a large soup pot or Dutch oven over medium heat.
Add the oil.
Brown the beef: Add ground beef. Cook, breaking it up, until no longer pink, about 6–8 minutes. Season with a pinch of salt and pepper.
Drain excess fat if needed, leaving about 1 tablespoon for flavor.
Sauté aromatics: Add the chopped onion and bell pepper. Cook 4–5 minutes until softened. Stir in the garlic and cook 30 seconds until fragrant.
Bloom the spices: Sprinkle in the taco seasoning.
Stir for 30–60 seconds to toast the spices and deepen flavor.
Add liquids and tomatoes: Stir in tomato paste, diced tomatoes with green chiles, and beef broth. Bring to a gentle boil, then reduce to a simmer.
Simmer: Let it simmer uncovered for 10–12 minutes to meld flavors.
Melt the cream cheese: Reduce heat to low. Add cream cheese cubes, whisking or stirring until completely smooth with no lumps.
Finish with cream: Stir in heavy cream.
Warm gently for 2–3 minutes. Do not boil after adding cream to prevent curdling.
Taste and adjust: Season with more salt, pepper, or cayenne as needed. If you like it thicker, simmer a few more minutes; for thinner, add a splash of broth.
Serve: Ladle into bowls and add your favorite toppings.
A squeeze of lime brightens everything.