Heat olive oil in a large pot over medium heat. Add diced onion and cook until translucent, about 5 minutes.
Stir in garlic, chili powder, cumin, paprika, and cayenne. Cook for 1 minute until fragrant.
Add tomato paste and stir well. Pour in chicken broth, enchilada sauce, black beans, corn, green chilies, and shredded chicken.
Bring the mixture to a simmer and cook for 15–20 minutes, stirring occasionally.
Stir in cream cheese until fully melted, then add shredded cheddar cheese. Stir until smooth and creamy.
Season with salt and pepper to taste. Serve hot with desired toppings like cilantro, avocado, and tortilla chips.