In a large pot over medium heat, cook the chopped bacon until crispy. Remove and set aside, leaving the grease.
Add onion and jalapeños to the pot. Sauté until soft, about 4-5 minutes. Stir in the garlic and cook for another minute.
Sprinkle in the flour and stir for 1-2 minutes to cook off the raw taste.
Slowly pour in the chicken broth, whisking constantly to avoid lumps.
Add paprika, cumin, black pepper, and stir well. Let the mixture simmer for 10 minutes.
Add cream cheese and cheddar, stirring until fully melted and smooth.
Stir in heavy cream and cooked bacon. Adjust seasoning with salt as needed.
Simmer for another 5 minutes, then serve hot garnished with fresh cilantro and extra cheese if desired.