In a large Dutch oven or heavy-bottomed pot over medium-high heat, brown the ground beef with the diced onion until the beef is fully cooked and onions are translucent.
Drain any excess grease from the pot using a colander or spoon.
Stir in the minced garlic and diced bell pepper and cook for 2 minutes until fragrant.
Add the cubed potatoes, black beans, corn, diced tomatoes with green chilies, beef broth, chili powder, cumin, smoked paprika, salt, and pepper to the pot.
Bring the mixture to a rolling boil, then reduce heat to medium-low and simmer uncovered for 20 to 25 minutes, or until the potatoes are fork-tender.
Reduce heat to low and add the cubed cream cheese, stirring continuously until the cheese is completely melted and the broth is creamy.
Gradually stir in the shredded cheddar cheese until fully melted and incorporated.
Remove from heat and serve immediately.