In a large pot, heat the olive oil over medium heat. Add the diced onion and sauté until translucent, about 5 minutes. Stir in the minced garlic and cook for an additional minute until fragrant.
Add the cumin, chili powder, smoked paprika, salt, and black pepper. Stir to combine and cook for another minute to toast the spices.
Pour in the chicken broth and enchilada sauce, stirring well. Bring the mixture to a simmer.
Add the shredded chicken, black beans, corn, and diced tomatoes. Stir to combine and let the soup simmer for about 15 minutes, allowing the flavors to meld.
Reduce the heat to low and slowly stir in the heavy cream. Heat through without boiling.
Stir in the shredded cheddar cheese until melted and well incorporated.
Serve hot, garnished with fresh cilantro and tortilla chips on the side.