Roast the jalapeños: Heat the broiler and place halved jalapeños, cut side down, on a lined sheet. Broil 5–7 minutes until blistered.
Let cool, then dice. For more heat, keep some seeds.
Crisp the bacon: In a heavy pot, cook chopped bacon over medium heat until crisp. Remove with a slotted spoon and set aside.
Leave 1–2 tablespoons of bacon fat in the pot.
Sauté aromatics: Add butter if needed, then onion. Cook 4–5 minutes until translucent. Stir in garlic for 30 seconds, just until fragrant.
Add jalapeños and spices: Stir in the diced roasted jalapeños, smoked paprika, and cumin.
Cook 1 minute to bloom the spices.
Pour in broth: Add chicken broth and bring to a gentle simmer. Let it bubble for 5–7 minutes to meld flavors.
Melt the cream cheese: Reduce heat to low. Whisk in cream cheese cubes slowly until fully smooth.
Take your time—this is what makes the soup silky.
Add cream and cheddar: Pour in heavy cream. Sprinkle in cheddar a handful at a time, whisking until melted before adding more. Do not boil after adding cheese.
Season and finish: Stir in half the bacon.
Taste, then add salt and pepper. Keep the heat low to prevent separation.
Serve: Ladle into bowls. Top with the remaining bacon, green onions, cilantro, a dollop of sour cream, and extra cheddar if you like.